First-Of-Its-Kind Integrated Financial Tool Gives Members Ability to Easily Request Advances on Future Earnings
New York, N.Y. – April 13, 2017 – TuneCore, the leading digital music distribution and publishing administration provider for independent musicians, today announced the launch of TuneCore Direct Advance. A unique collaboration with Lyric Financial, the leading financial services and technology company serving the global music industry, the innovative new service offers U.S.-based TuneCore artists automated advances on their future distribution sales revenue.
With many independent artists and labels operating as small to medium-sized businesses with sometimes minimal resources, TuneCore Direct Advance is a valuable new offering that allows them to take advances on future earnings to help fund new projects and further their careers. From recording new material to purchasing new equipment to funding a tour, TuneCore Direct Advance provides a simple way for artists to access advances at their convenience, 24/7 and on their own terms. In addition, this new advance model does not require artists to pledge ownership of their music, which is often the case with many competing services. With TuneCore Direct Advance, independent artists can have full control of their finances while still maintaining total creative control of their music.
“This is a one-of-a-kind integrated offering that gives artists a hassle-free, reliable way to access their future earnings quickly and easily, eliminating the difficulty often associated with obtaining advances,” says Scott Ackerman, CEO at TuneCore. “We are deeply invested in the careers of our artists and are committed to ensuring they have the tools and resources needed to succeed.”
TuneCore Direct Advance is the latest addition to the company’s comprehensive array of artist tools and services that are made to help them build successful music careers. The new service is available for U.S.-based TuneCore artists that meet certain eligibility requirements, including sales history and earning thresholds.
Qualifying customers can request a cash advance directly from their TuneCore Balance Page, and for a low, one-time fee, they will quickly and easily receive the money through PayPal or ACH (Automated Clearing House). The advance is repaid directly from future sales and automatically deducted from streaming and download earnings. Since this service operates as an independent process, artists avoid additional, time-consuming tasks often associated with obtaining advances, including registration and negotiations.
Based on direct feedback from customers, TuneCore recognized the need for a service that gives artists easy access to future sales income.
“As an artist for more than 20 years, I know firsthand the need for a money advance to cover anything from production to personal expenses,” says Lito MC Cassidy, TuneCore Artist. “For the first time in my career, I not only feel in full control of my money but also relieved to know that by simply choosing the amount of money I need, I can receive an advance in seconds.”
TuneCore Direct Advance was developed in partnership with Lyric Financial Founder and Chief Executive Eli Ball to give independent artists the ability to budget and access their royalties and licensing income at their convenience.
“For the last two years, we have worked to automate what has historically been a cumbersome manual advance process in the music industry,” says Ball. “TuneCore Direct Advance is a simple, easy-to-use application that provides creatives with a clear view of their current and forecasted earnings, allowing them to request advances in less than a minute. These basic tools will be invaluable to any music industry professional in budgeting and managing the ups and downs of their cash flow. The deal we have announced today with TuneCore is a huge validation of the platform we have all worked so hard to create.”
TuneCore brings more music to more people, while helping musicians and songwriters increase money-earning opportunities and take charge of their own careers. The company has one of the highest artist revenue-generating music catalogs in the world, earning TuneCore Artists $836 million from over 57.3 billion downloads and streams since inception. TuneCore Music Distribution services help artists, labels and managers sell their music through iTunes, Apple Music, Spotify, Amazon Music, Google Play and other major download and streaming sites while retaining 100 percent of their sales revenue and rights for a low annual flat fee. TuneCore Music Publishing Administration assists songwriters by administering their compositions through licensing, registration, world-wide royalty collections, and placement opportunities in film, TV, commercials, video games and more. The TuneCore Artist Services portal offers a suite of tools and services that enable artists to promote their craft, connect with fans, and get their music heard. TuneCore, part of Believe Digital Services, operates as an independent company and is headquartered in Brooklyn, NY with offices in Burbank, CA, Nashville, TN and Austin, TX, and global expansions in the UK, Australia, Japan, Canada, Germany, France and Italy. For additional information about TuneCore, please visit www.tunecore.com or https://youtu.be/1Kuu_tZ1In0
About Lyric Financial:
Founded in 2007, Lyric Financial is a financial services and technology company that provides innovative financing solutions to the global music and entertainment industry. The company’s latest innovation, a virtual ATM platform called SNAP*, empowers creatives to tap into their catalog earnings in less than a minute. Based in Nashville, TN, for more information about Lyric Financial and their virtual ATM products please visit lyricfinancial.com.
For media inquiries, please contact:
TuneCore: Alisa Finkelstein, MWW PR
Lyric Financial: John Vlautin, SpinLab