US-based finance company Sound Royalties, which was recently acquired by Five Music’s parent company GoDigital in an “eight-figure” deal, adds touring finance to its lineup of services.
Sound charges offers royalty advances ranging from $ 5,000 to tens of millions of dollars.
It does this by advancing the royalties paid to artists, producers and songwriters through music labels, distributors, publishers and PROs such as BMI, ASCAP, SESAC, SoundExchange and more.
Now Sound Royalties will also be offering advances to artists and performers seeking touring and production support.
According to Sound Royalties, artists generating more than $ 5,000 in annual royalty income and / or with touring deals from major promoters can contact the company “to learn more about the program and receive a free analysis and evaluation of their work. royalty income â.
Sound Royalties says the new Tour Advance program will work the same as a âtypical Advanceâ with the company, but with customizations in terms of touring revenue versus music royalties.
Each qualified artist will have the opportunity to access funding based on their royalties or their guaranteed negotiated touring agreement.
In a press release announcing the expansion of touring funding, Sound Royalties notes that “Touring is one of the most lucrative ways for musicians and performers to generate income and is part of the heart of music culture. “.
He adds: âIn 2019, the tourism industry generated gross revenues of $ 5.55 billion – a stark contrast to the $ 1.2 billion it generated in 2020 as a result of COVID-19 . “
In March 2020, at the start of the pandemic, Sound Royalties launched a $ 2 million fund from which music creators affected by the coronavirus could obtain royalty advances at no cost.
The company has worked with DJ Khaled, Lil Wayne, Pitbull and Wyclef Jean.
“Many artists and performers have expressed the need for additional financial support as we continue to navigate through the unpredictability of live events.”
Alex Heiche, Copyright
Alex Heiche, CEO of Sound Royalties, said: âThe pandemic continues to have a ripple effect in several areas of the music industry.
âWhat we thought was a celebrated return to touring and live music experiences in the summer of 2021 turned into a split victory, with many artists lacking the funding to bring their shows back to live on. the road.”
âMany artists and performers have expressed the need for additional financial support as we continue to navigate through the unpredictability of live events.
âIt only makes sense to us, the music industry’s leading financial services company, to offer something of value to these creatives, keeping them funded, motivated and helping to restore a sense of normality in their life. “
âAs a pioneer in funding copyright-free music creators, this new program continues Sound Royalties’ tradition of providing valuable funding solutions to artists and the industry. “
Michael Bizenov, Copyright
Michael Bizenov, President of Sound Royalties, added: âAs a pioneer in funding music creators without risk for copyright ownership, this new program continues Sound Royalties’ tradition of providing funding solutions. invaluable to artists and industry. “Music trade around the world