Family In Music has launched its latest tool for songwriters.
Targeted at the DIY sector, the music creator platform unveiled a suite of these tools earlier this year. Family In Music has today revealed the latest addition – the royalty advance tool, powered by chordCash from BeatBread.
When a songwriter gets an advance through the tool, they retain 100% ownership of their masters and receive the majority share of royalties.
The money is received within a couple of days of sign-up and artists need to have a minimum of 15,000 monthly listeners to apply. Advances can be as high as eight times an artist’s annual streaming income and are determined in two ways.
Firstly, streaming and other additional data is used to estimate the future earnings of an artist using an algorithm. Secondly, the customisation of terms by the artist themselves including length of contract, inclusion of any catalogue along with new music and how much of their streaming income they need to keep before the advance is recouped.
From the beginning, the artist can tailor the deal to their specific needs, investing in their career and building long-term and sustainable relationships with their fans.
With an estimated 60,000 songs uploaded to streaming services daily, Family In Music is targeting the community of independent music creators.
The Finland-headquartered start-up was founded by Finnish music industry entrepreneur and executive chairman Juka Hynynen. Chief innovation officer Kevin Bacon co-founded AWAL in 2004.
Kevin Bacon (pictured, left) said: “Getting the right financial backing for your music career is always very difficult but even more so for a generation of DIY creators who increasingly work outside of the traditional music business. With our advance tool, songwriters can get funded in a way that leaves them in control of their career but with the necessary cash to keep moving forward creatively as well as commercially.”
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