Carlton James Group recently announced that it invested $50 million in 3tone Music Group, an artist label services and distribution company based in Bristol, U.K., to fund the additional expansion of 3tone Music’s distribution platform.
Carlton James Group, an investment management firm specializing in venture debt and ‘recession resistant’ portfolios, first backed 3tone Music Group in 2019 with a £1.8 million line of credit. 3tone Music Group’s artist/label and distribution model includes unlimited digital distribution for independent artists for one annual fee. The company also offers multiple streaming platforms, marketing, sync, promotion, and playlist pitching for higher-priced annual fees.
3tone appears to be punching upward to compete head-to-head with bigger rivals like Distrokid and Tunecore. The new $50 million investment will ensure that the company can expand on its current platform and strengthen the company’s standing across music and web3 markets.
“The time has come to put artists first; our next phase will cement this for our clients both old and new,” remarked 3tone Music Group CEO Dean Roberts. “This is where I truly believe 3tone is emerging.”
Roberts previously worked with high-wattage artists like Amy Winehouse.
Managing Director of 3tone Chris Borud also brings more than 15 years of industry experience to the table, initially working in live music and collaborating with platinum-selling artists such as Jason Derulo, Josh Groban, Cee Lo Green, and John Newman.
And, of course, a big part of the investment rationale comes from a multi-year streaming boom. “This industry has seen a dramatic change since the development of streaming,” remarked Simon Calton, the CEO of Carlton James.
“It has reshaped into a new dynamic vertical that needs dynamic leaders that are willing to adapt to an ever-changing environment whilst retaining their integrity with the artists.”