Image Credit : (Wikipedia)
Digital distribution and publishing admin company TuneCore has begun offering its clients automated advances based on their future distribution sales revenue.
TuneCore Direct Advance has been made possible by the backing of financial services and technology company Lyric Financial.
In a press release, TuneCore wrote: “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.”
The new service is available for U.S.-based TuneCore artists that meet certain eligibility requirements, including sales history and earning thresholds.
“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.”
SCOTT ACKERMAN, CEO, TUNECORE (PICTURED ABOVE)
Qualifying customers can request a cash advance directly from their TuneCore Balance Page, and for a 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.
Tunecore claims that these artists will ‘avoid additional, time-consuming tasks often associated with obtaining advances, including registration and negotiations’.
“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.
“For the last two years, we have worked to automate what has historically been a cumbersome manual advance process in the music industry,” said 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 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 – for an annual flat fee.