Breaking

In historic move, Sony Music is disregarding unrecouped balances for heritage catalog artists - Music Business Worldwide
Jun 11, 2021 1 min, 12 secs

“As part of our continuing focus on developing new financial opportunities for creators, we will no longer apply existing unrecouped balances to artist and participant earnings generated on or after January 1, 2021 for eligible artists and participants globally.”.

But the bottom line here: If an artist who last received an advance from Sony Music prior to 2000 is unrecouped today, they’re now going to start seeing streaming and other royalty earnings landing in their bank account on the regular… including money backdated to January 1 this year.

Sony Music insiders tell MBW that the Legacy Unrecouped Balance Program is a continuation of Sony Music Group boss Rob Stringer‘s determination to “do the right thing” when it comes to major-league decisions regarding his company’s relationship with artists.

It comes three years after Sony Music memorably dismissed unrecouped artist balances when distributing profits reaped from its sale of $768 million in Spotify shares.

That surprising move was in contrast to Warner Music Group which, in the wake of cashing in its $504 million Spotify stake, allocated the proportion it shared with artists (25%) against individual unrecouped balances.

Meanwhile, Sony Music has also told qualifying artists (both heritage and non-heritage) today that they can now receive advances on projected earnings via a new feature called Real Time Advances, available through the Sony Music Artist Portal.

At least one leading independent label group in the music business has led the way in wiping unrecouped balances for heritage artists.

RECENT NEWS

SUBSCRIBE

Get monthly updates and free resources.

CONNECT WITH US

© Copyright 2024 365NEWSX - All RIGHTS RESERVED