DistroKid valued at $1.3B with 2 million artists served

DistroKid announced that New York-based Insight Partners has made a substantial investment in the flat fee independent music distributor.

Full details of the new investment were not shared, but it values the company at $1.3 billion. In 2018 Spotify made “a passive minority investment” in DistroKid.

More than 2 million artists distribute via DistroKid. The company estimates that it distributes more than a third of all new music globally.

“My goal since founding DistroKid was to build great things for musicians”, said the company’s founder and CEO, Philip Kaplan. “Our growth has been wild, but the mission hasn’t changed. Most of all, we’re incredibly honored and thankful for every artist who’s chosen DistroKid to be a part of their journey. I’m excited to partner with Insight Partners as we continue building amazing things to help musicians and empower creators worldwide.”

Insight Partners Managing Director, Deven Parekh said, “DistroKid is transforming the music industry with its laser focus on innovation, including the latest technology and engineering expertise. By helping developing artists with the same opportunities as superstars, DistroKid stands out in an industry traditionally known for being hard to break through. DistroKid has already become a household name among musicians of all levels and we’re thrilled to partner as they continue their rapid growth.”

Silversmith Capital Partners, a Boston based growth equity firm that led the company’s first outside investment in 2018, will retain a meaningful ownership position going forward and remain on DistroKid’s board.