US-based finance firm Sound Royalties, LLC has announced a new $20m fund from which music creators impacted by Coronavirus can obtain no-fee royalty advances.
Musicians will be able to obtain advances from the $20m pot over the next 30 days, through April 16, or until the money is depleted.
Sound Royalties says that songwriters, performing artists, producers and others with royalty income can apply for zero-interest cash advances on a one-year repayment schedule with “no fees or costs of any kind”.
“From national tours to local clubs, the live music industry has been blindsided by Coronavirus, and the impact on creatives who depend on this income and the music industry as a whole will be significant,” said Alex Heiche, Sound Royalties founder and CEO.
“We stand with the creative community and hope to ease some of the burden caused by this unprecedented interruption in business.”
“the live music industry has been blindsided by Coronavirus, and the impact on creatives who depend on this income and the music industry as a whole will be significant.”
Alex Heiche, Sound Royalties (pictured)
Sound Royalties says it does not require royalty copyrights to be secured as collateral against the advance, and “never takes possession of copyrights under any circumstance”.
In addition to the no-cost option, terms that extend beyond one year are also available (presumably incurring a fee on top). Applicants are qualified based on verifiable royalty income.
“Each new application for the next 30 days will be offered this no-cost funding option that provides critical financing and cash flow as we navigate through this temporary situation,” said Heiche.
Would-be applicants can apply via the SoundRoyalties site or by calling 888-987-3224.
Sound Royalties was founded in 2014 with an aim to help musicians “sustain their careers without putting copyrights at risk”.
The company has worked with hundreds of musicians, including Grammy nominees and winners Rich Robinson, Pitbull, Makeba Riddick, Wyclef Jean, DJ Khaled, Malik Yusef, Lil Wayne and many others.
The company’s core business is offering royalty advances of anywhere from $5,000 to the tens of millions.
Sound Royalties recently backed Wyclef Jean’s new music publishing and distribution company focused on creative talent in Africa and other emerging markets
Jean’s new company, Carnival World Music Group, provides creative artists with music publishing and distribution resources.Music Business Worldwide