This funding helps DistroKid reach a $1.3B valuation. Here are the top-line bullets you need to know.
DistroKid, a digital music distribution service provider, raised funding in an unattributed round. The round drew participation from Insight Partners.
How’s the company performing?
- New York-based DistroKid provides digital music distribution services that include metadata customization, storage, and monetization, among others.
- The company has processed over 25M songs to date, and more than 2M artists use its services, including 21 Savage and Ludacris.
- DistroKid distributes 30-40% of new music worldwide, releasing around 15,000-25,000 songs every day.
- The company has over 100 employees.
Why does the market matter?
- The global music distribution services market is projected to grow at a CAGR of 4.2% to reach a value of $1.24B by 2026, according to QYR Research.
- Technological advancements, digitization and innovation, and increasing adoption of online music have all contributed to market growth.