Check out full article on MusicRow.com
Lyric Financial has teamed with music publisher Sony/ATV to provide a virtual ATM platform, enabling Sony/ATV U.S. songwriters and publishing clients to request advances in “less than a minute” via Sony’s new and improved SCORE royalty portal, which allows songwriters and their managers real-time access to their current royalty account. The portal’s new SCORE card sets out songwriters’ earnings by territory with a simple top-view summary by income type, song and source for both current period and historical periods.
“We are always looking for ways to provide the highest level of service to our songwriters,” said Sony/ATV Music Publishing Senior Vice President of Worldwide Administration, Dale Esworthy. “Giving our writers the ability to see their current earnings and access them 24/7 when needed is an important innovation that we are thrilled to provide. We are excited to be the first music publisher to offer the virtual ATM.”
“For the last two years, we have been working to automate what has historically been an extremely cumbersome manual advance process in the music industry,” says Lyric Financial Fonder and CEO Eli Ball. “The vATM is a simple, easy to use application that provides songwriters with a clear view of their available earnings and allows them to request advances in less than a minute. These basic tools will be invaluable to any music industry creative or company in budgeting and managing the ups and downs of their cash flow. The deal we have announced with Sony/ATV, the world’s largest music publisher, is a huge validation of the platform we have worked so hard to create. I applaud Sony/ATV for having the vision to make the vATM part of their SCORE platform.”