Sony Music is joining the real-time royalty-tracking party. Well, it will be this Autumn, anyway, when the major label adds a feature called ‘Real Time Royalties’ to its artist portal.
A letter to artists explained that the feature “will now 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”, rather than having to wait for reports on longer cycles. It will go hand-in-hand with another new feature called ‘Cash Out’, which will give artists “the ability to request a withdrawal of all or part of your payable balance every month using the Sony Music Artist Portal”.
It’s a sign of the times: with a number of distributors and startups making a pitch to artists that they can provide better data and more-transparent payments, the biggest music companies are also working on these kinds of features.