But he didn't go to another so-called "major" publisher. No, Paul took his MPL Communications to the upstart Kobalt Music Group, who is quickly becoming one of the major players in the publishing world. Why? Because Kobalt has built it's business on technology, which they claim gets the songwriter paid as much as 25% more and up to two years faster than the more traditional publishing companies. In fact, Kobalt has enticed the likes of Pear Jam, Trent Reznor and Dr. Luke into it's fold, and its share of Top 100 hits has already grown to 15%, which is just under what long time market leader EMI has.
While MPL's move might be symbolically ominous, it doesn't hit the bottom line of EMI as much as you might think, with estimates at less than 10%. The deal with Kobalt does not include North America, Britain and Ireland, which MPL administers itself. But MPL is a heavier hitter than just the McCartney catalog as it includes songs by Roy Orbison, Carl Perkins and Broadway shows like The Music Man.
This just goes to show that even old traditional businesses can be improved with technology, and when that happens, it doesn't take long for artists to take notice and jump on board.
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