As the music industry continues to feel the effects caused by the global COVID-19 pandemic, artists are increasingly looking to alternate revenue streams to supplement their income during these uncertain times. In a move already supported by labels including Joris Voorn’s Rejected, DJ S.K.T’s STASHED, Sam Divine’s DVINE Sounds, Future House Music and Tommie Sunshine’s Brooklyn Fire, Label Worx and AudioLock have partnered to provide their respective Royalty Worx and Back Catalogue services free-of-charge in an attempt to try and break the tradition of bi-annual royalty reporting and encourage more labels to generate statements for artists on a monthly basis.
“At Label Worx, we’ve been thinking about ways to help those affected by the current situation – gigs are being cancelled across the board and as a result, one of the revenue streams that many will now rely on is the income generated by the sales and streaming of their music.
“We’re acutely aware that when labels are faced with data from dozens of stores and streaming platforms, across multiple releases, the reporting process can be extremely daunting – it doesn’t have to be that way though. Our accounting service, Royalty Worx, automates the entire process and if labels will commit to passing the benefits onto their artists, we will commit to providing the service free-of-charge to them during these uncertain times.” – Dom Kerley, Label Worx
With income from touring now on hold for many artists, Label Worx will be offering their Royalty Worx service at no cost for three months to labels who commit to generating royalty statements for their artists on a monthly basis. This means that many artists could be able to start receiving income from January 2020 sales as soon as next month.
“We feel this is a great opportunity to make a change for the better to the fundamental way the industry operates; currently, many labels report just twice a year, but it is possible to do this on a monthly basis. We work with labels who do this already and we find it’s a win-win for everyone; artists will see royalties much faster – they can put a release out now and within 2-3 months, they’ll start to see revenue and statements coming in. For the label, the benefit comes in the form of loyalty from artists who feel informed and rewarded by a professional label which acts with full transparency.” – Dom Kerley, Label Worx
In addition to this, leading anti-piracy experts, AudioLock, will be providing their own ‘Back Catalogue’ service free of charge for all labels who sign up to monthly accounting, offering full piracy scanning and takedowns on their last six months’ worth of releases for a period of three months. It is hoped that the combination of monthly reporting on releases which have full anti-piracy takedown support will make a significant difference to the immediate income for thousands of artists during a time when every effort to support each other counts.
To sign up to the initiative, simply fill in the form and a member of the Label Worx support team will be in touch: bit.ly/GoMonthly
- Label Worx: Labels who commit to reporting on a monthly basis will receive the Royalty Worx service free-of-charge for three months
- AudioLock: Labels who commit to reporting on a monthly basis through Royalty Worx can protect their last six months’ worth of releases with the AudioLock Back Catalogue service free-of-charge for three months
Key Label Support
“Accounting is a really important part of running any label, and making sure that our artists get paid on time is now more important than ever! That’s why we’re committing to monthly royalty statements for all artists signed to DVINE Sounds – it’s a small change for us, but one we hope will be a huge help to those we work with.” – Sam Divine, DVINE Sounds
“Our scene has been affected deeply by the coronavirus with cancellations decimating the live music sector and no one knows how long this will last. Everyone needs support right now, and we all need to do what we can. That’s why we decided to move to more frequent royalty statements to help our artists in these difficult times.” – Edwin Oosterwal, Rejected
“Being able to account more regularly to artists who rely on income from sales, especially during these hard times, is essential to try and help support up and coming artists and allow them to flourish in times of hardship.” – DJ S.K.T, STASHED