Sony/ATV Music Publishing has announced a series of "groundbreaking" upgrades to how it reports and pays royalties to its songwriters.
Over the course of the next year, the publisher will roll out new initiatives that will speed up how quickly songwriter earnings are processed, allowing songwriters to get paid faster than ever before.
Sony/ATV is introducing real-time inter-company processing for all foreign earnings from every territory in which the company operates. As a result, foreign earnings will now be reported and paid in the same period in which they are collected.
It will also offer a new Cash Out service, which will allow its songwriters to request some or all of their current royalty balance to be paid immediately, instead of having to wait until the next distribution. This service will be offered to the company’s songwriters without a fee. Once they have made any withdrawals, they will then receive the remainder of their balance during the next regular distribution.
We can now give our songwriters even greater control over their royalties and ensure that they get paid quicker than ever before
Sony/ATV chairman and CEO Jon Platt (pictured) said: “I am proud to announce these ambitious new initiatives that will help to deliver our strategy to be the best service company in the world for songwriters. Powered by our industry-leading administration operations and best-in-class technology, we can now give our songwriters even greater control over their royalties and ensure that they get paid quicker than ever before.”
Real-time inter-company processing and the Cash Out service will start to be made available over the next year to all Sony/ATV songwriters who are signed up to the company’s royalty portal and app, SCORE, which gives songwriters and their teams real-time access to their current royalty account and historic earnings.