US-based finance firm Sound Royalties has expanded into Canada, appointing Vanessa Thomas as head of the new unit.
Toronto will serve as the Sound Royalties regional hub for Canada, with Thomas acting as a consultant for the company’s Canadian network.
Before joining the company, Thomas spent over two decades in the music industry, including six years with Canadian performance rights organization SOCAN where she ran Canada’s Songwriters Hall of Fame.
“We strive to build long-term relationships with our customers so that we can provide them with the best funding solutions that match their needs.”
Alex Heiche, SOund Royalties
“We strive to build long-term relationships with our customers so that we can provide them with the best funding solutions that match their needs, and that means finding experts in their markets who know exactly what music creators need. Vanessa fits that bill perfectly,” Sound Royalties founder and CEO Alex Heiche said.
Added Heiche: “We also want to continue our work with strong partners in these regions to grow the overall industry and create a stable, prosperous ecosystem of music creators, labels, distributors, and other music professionals, so that every creator can do better.”
Sound Royalties says that it is bullish on the Canadian market as it regularly produces many hit songs relative to market size.
The expansion in Canada follows similar moves in London and South America.
“I’ve spent my career working with creators and know where the gaps in supporting them are,” according to Thomas.
“The Canadian market is wide open for this kind of model. It doesn’t exist here, and it can be challenging for creators to find advances for their next projects.”
Vanessa Thomas, SOund Royalties
Added Thomas: “The Canadian market is wide open for this kind of model. It doesn’t exist here, and it can be challenging for creators to find advances for their next projects. Few institutions provide this support. Advances are limited and capped for many Canadian creators
“We need quicker and more nimble complements to existing solutions. Providing options, without taking ownership of copyright while allowing royalties to keep flowing, is a model that’s focused on the creator, not the institution. Whether it’s funding for your next project, bridge funding, tour support, or grant matching, Sound Royalties is nimble, flexible and efficient,” Thomas added.
Sound Royalties said the new regional arms will follow the same “artist friendly approach” in helping musicians, songwriters, labels and other music businesses maximize their ability to generate profits.
Sound Royalties has previously provided financing to artists like DJ Khaled, Lil Wayne, Pitbull, and Wyclef Jean. Back in 2018, it helped Lil Wayne finance a number of projects.
“Sound Royalties understands the music world and is helping me utilize my past successes to fund and propel new projects and to continue creatively evolving,” Lil Wayne said at the time.
In 2020, at the height of the COVID-19 pandemic, the company launched a $20 million fund that provided royalty advances for musicians without a fee.
The company offers royalty advances of $3,000 to $10 million depending on how much an artist makes a year in music royalties. It also offers catalog sales support by providing a short-term advance to support artists until they receive their catalog income.Music Business Worldwide