Credit: Zebralution Logo
A Strategic Shift for GEMA
German collecting society GEMA has announced the sale of its digital distribution subsidiary Zebralution to New York–based private equity firm Insight Holdings Group, marking a significant strategic pivot back to its core mission of collective rights management. Confirmed on January 20, the deal reflects GEMA’s decision to step away from operating a distribution platform and instead concentrate on royalties, member services, and international licensing. The transaction is still subject to approval by the German Federal Cartel Office.
GEMA acquired a majority stake in Berlin-based Zebralution in December 2019, and according to German trade publication New Business, became the company’s sole shareholder after co-founders Kurt Thielen and Sascha Lazimbat departed in late 2023. Now, just over five years after entering the digital distribution space, GEMA is refocusing on its traditional strengths. CEO Dr. Tobias Holzmüller said the sale allows the organization to concentrate on “the efficient distribution of royalties, the provision of high-quality services for our members, and the expansion of international licensing.”
What the Deal Means for Zebralution
For Zebralution, the acquisition opens the door to a new phase of growth. The company distributes music, audiobooks, and podcasts, works with more than 1,000 labels and audiobook publishers worldwide, and employs 85 people across nine locations. Under Co-CEOs Konrad von Löhneysen and Tina Jürgens, Zebralution has been targeting €100 million in annual revenue, fueled in part by rapid expansion in audiobooks alongside its music business.
Holzmüller noted that the company is “excellently positioned” and will gain “additional momentum for technology-driven growth and innovation” under Insight’s ownership. From expanding catalog services to investing in new platform tools, the firm is expected to accelerate its technology roadmap with fresh capital and strategic backing.
Insight’s Expanding Footprint in Music Distribution
The acquisition also fits into Insight’s broader push into independent music distribution. Through its investment arm, Insight Partners, the firm previously made a substantial investment in DistroKid in 2021, valuing the platform at $1.3 billion. That move signaled strong confidence in scalable, creator-focused distribution tools that support artists and labels outside major-label systems.
Zebralution’s leadership appears optimistic about following a similar trajectory. Co-CEO Konrad von Löhneysen said the company has grown stronger after past ownership changes and emphasized that “the name Zebralution will continue to have a visible footprint in the music business of the future.” With Insight’s experience in digital business models and growth-focused investments, Zebralution is now positioned to compete more aggressively in both music and audiobook distribution markets.
Looking Ahead
Taken together, the transaction highlights two parallel trends in today’s music industry: rights organizations narrowing their focus on royalties and licensing, and private equity firms betting on technology platforms that serve independent creators and publishers. For GEMA, the sale sharpens its mission around collective rights management. For Zebralution, Insight’s backing could accelerate innovation in both music and audiobook distribution—two sectors where digital infrastructure is increasingly central to growth.
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