Global music giant Sony Music last week announced two new payment features for its artists , “Real Time Royalties” and “Cash Out” through its artist portal beginning this fall.
According to Sony Music, the initiatives are aimed at allowing artists and royalty participants to view and withdraw earnings more efficiently than ever before.
“Once launched, Real Time Royalties, available anytime, anywhere through the Sony Music Artist Portal, will provide you immediate updates about your global royalty earnings and account balances as soon as we receive financial reporting from hundreds of digital distribution services on a monthly basis,” said Sony Music.
The move has widely been seen as a step in the right direction in ensuring that there is transparency in an industry that is littered with a lot of inconsistencies with regards to royalty payments and music publishing. The other catchy move is how the service will be available to artists free of charge meaning many artists signed to Sony Music stand to benefit a lot.
“This major speed improvement eliminates the need to wait for periodic reporting cycles to see your royalty earnings and account balances. You’ll also be able to use the Sony Music Artist Portal’s industry‐leading analytics capabilities to interpret your Real Time Royalties data in robust and powerful ways, giving you faster insights into your earnings trends so you can make highly‐informed decisions. Cash Out will give you even greater control over your money by providing you with the ability to request a withdrawal of all or part of your payable balance every month using the Sony Music Artist Portal.” added Sony Music.
Music royalties in Zimbabwe is rather one of the biggest mysteries and struggles of the music industry with regards to payment .Many times we hear about the cliché ‘starving artist’ and one of the biggest challenges has been lack of knowledge on the artist’s side on how they can get royalties.
The issue of music royalties has been making headlines for years mainly for negative reasons where either Zimbabwe Music Royalties Association (ZIMURA) or broadcasters that play the music have not been forthcoming in terms of payment.
The issue of non-payment has been mainly due to lack of a robust and transparent system that creates a platform where there are consistent returns on the music produced and played by various stations. The economic upheaval the country is currently confronted with has not helped either.
Another thing is also the abhorrent lack of major music recording,distribution and publishing companies in the country who would have helped shape the industry into a more commercially viable sector.Artists mainly rely on performance fees and endorsements yet there are many facets of the industry they can reap rewards from.
Music users such as broadcasters must come up with a sound framework that makes artists viable lucrative asset class and partners.