Prince signs deal with Kobalt Music Group
May 21 , 2013
American singer Prince has inked a new deal with Kobalt Music Group giving him the power to market and distribute his future work without relinquishing control over his rights.
Prince will release his own work along with new music by other artists that he produces, Kobalt said in a statement on Monday.
The announcement was made a day after the 54-year-old singer was given a Billboard Icon Award.
In recent years, Kobalt has emerged as a growing force in the music industry.
Last year, it launched an artist and label services division enabling artists to maintain ownership of their work and decide how, when and where they will release their music.
Traditional labels often own an artist's material and determine how and when it is released.
Kobalt was established in 2000 by Swedish music executive Willard Ahdritz and boasts names including former Beatle Paul McCartney, Icelandic singer Bjork and British band Pet Shop Boys.