Time to Ditch Your Record Label? A New Era in Royalty Financing
Time to Ditch Your Record Label(?): A New Era in Royalty Financing
Making it as a working musician is not easy. For people who rely on their music to pay the bills, a certain amount of volatility can be expected. Whereas most professions pay a steady wage or salary, spread out evenly over the course of the calendar year, this is not typically the case for musicians, producers and songwriters.
It’s not all Cristal and swimming pools
Periods of high paying, steady income for working musicians tend to surround the release of a successful record, writing of a hit song or being on tour. Stereotypes of the iconic rock god or hip-hop icon portrayed in popular media generally imply a daily life of fancy cars, swimming pools and a generally excessive lifestyle. However, this is far from the truth for many trying to make it as a professional in the music industry.
Unless you’re name is Rick Ro$$ or Mick Jagger…
The reality is that most professional songwriters will face periods of financial uncertainty at some point in their career. It could be due to a need for additional finances for recording or touring, unexpected slow times in album or ticket sales, difficulty finding work (for songwriters and studio musicians) or even an illness, injury or other unforeseen event.
Many artists in need of quick resources end up selling the rights to their music- reluctantly and most times regrettably. Once a musician sells her or his rights to their music, getting them back is nearly impossible. Even Paul McCartney, rock and roll’s first billionaire, is still trying to regain the rights to his music after decades of legal efforts.
Rock on with Sound Royalties
Fear not, future rock-stars, your dreams of stardom need not halt due to exhausted funds, nor do you need to relinquish the rights to your music just to get a little extra financial support while you craft your next top 40 hit or fuel up the tour bus.
A company called Sound Royalties has a solution, and if they were around in the 1960s, maybe Sir Paul McCartney (and countless others) would still own the well deserved rights to their artistic property.
Less starving, more art(ist)
Sound Royalties is a musician financing company started by Alex Heiche in 2014. They are currently transforming the music industry by providing funding for songwriters and musicians without forcing them to give up the rights to their music. What sets Sound Royalties apart, in general, is their overall commitment to the artist’s success. In their own words:
“We provide advances that aren’t based on 100 percent recoupment, so that enables an artist or a songwriter to keep money flowing in, which means they have a higher percentage chance of success rather than being set up for failure and needing to sell. Secondly, we don’t buy copyrights. We only use their music as collateral, because it’s non-credit-based, but we don’t buy in perpetuity and we don’t own.”
Sound Royalties makes the once impossible task of making it as a working musician or songwriter a little less, well, impossible.
Music industry revolutionaries
It’s true- the barriers-to-entry of producing and recording your own music have been greatly reduced. In theory, any budding artist wishing to share his or her sounds with the world can do so with little more than an iPhone. Regardless of one’s musical talent and ingenuity, making a living as a musician is subject to many ups and downs. There are resources out there, and companies like Sound Royalties are leaders in a new era of pro-artist companies.