Sony Music today announced two new payment features for its artists. The company will launch two new payment features for its acts – ‘Real Time Royalties’ and ‘Cash Out’ – via its Artist Portal this fall.
The innovations, dubbed ‘Real Time Royalties’ and ‘Cash Out’ by the major, will allow artists signed to Sony labels to access royalty information about their music much faster and access monies they are owed quicker and more frequently.
— Morvan Boury (@morvan) May 20, 2019
A memo sent by Sony to artist representatives explains that “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,”
On the payments innovation, the memo adds: “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”.
However, royalty reporting is only usually available via the label or distributor, so arguably it’s more important that improvements are made in this domain. And there are often many more improvements to make, given that most labels traditionally reported on royalties on a quarterly or twice-yearly basis.