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Sony/ATV allies with Lyric Financial on royalty advances

By | Published on Thursday 1 June 2017

Sony/ATV

Sony/ATV has announced an alliance with Lyric Financial which will see the former offer the latter’s ‘virtual ATM platform’ to its songwriters via its own SCORE royalty portal. The deal means that Sony/ATV repped writers will be able to request an advance on royalties they expect their songs to generate in the near future, helping with cash flow challenges.

Says Lyric Financial boss Eli Ball: “For the last two years, we have been working to automate what has historically been an extremely cumbersome manual advance process in the music industry. The vATM is a simple, easy to use application that provides songwriters with a clear view of their available earnings and allows them to request advances in less than a minute. These basic tools will be invaluable to any music industry creative or company in budgeting and managing the ups and downs of their cash flow”.

He adds: “The deal we have announced today with Sony/ATV, the world’s largest music publisher, is a huge validation of the platform we have worked so hard to create. I applaud Sony/ATV for having the vision to make the vATM part of their SCORE platform”.

For its side, Sony/ATV’s SVP Of Worldwide Administration, Dale Esworthy, added: “We are always looking for ways to provide the highest level of service to our songwriters. Giving our writers the ability to see their current earnings and access them 24/7 when needed is an important innovation that we are THRILLED to provide. We are excited to be the first music publisher to offer the virtual ATM”.

Lyric Financial is also behind the new cash advance service being offered to DIY artists in the US by TuneCore.



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