Sony Expands Legacy Royalty Program to Songwriters
Songwriters Forward supports “Sony’s continued investment in modernizing government,” says to an internal note of Chairman and CEO of Sony Music Publishing Jon platt, which includes real-time foreign royalty processing and their “Cash Out” payment option that allows songwriters to claim their royalties throughout a payment period, free of charge.
These new initiatives aim to position Sony Music, the second largest of the three majors, as the user-friendly option for artists and songwriters at a time when audiences are increasingly critical of certain contracts of the music companies. It also coincides with the global streaming boom which reached $ 13.4 billion last year, according to IFPI’s Global Music Report. Although the majority of the music released today is songs released after the turn of the millennium, the Songwriters Forward program is a positive gesture from Sony Music Publishing and a step towards greater transparency in the music industry. .
Read the full letter here:
Today I have the pleasure to share that we are launching Featured songwriters, an initiative designed to expand our career support at every stage.
Under Featured songwriters, we are launching the “Legacy Unrecouped Balance Program” to eligible Sony Music Publishing songwriters. We have been working on this plan for some time, which complements the program recently announced by Sony Music. Featured artists.
We will no longer apply existing unrecovered balances to income of eligible songwriters signed before 2000 who have not received advances since, and this applies retroactively to January 1, 2021. Eligible songwriters will be informed separately in the coming weeks.
These efforts are a continuation of our songwriter-centric approach and support our continued investment in administration modernization, including new SCORE data and analytics upgrades, Cash Out payment options. and the processing of foreign royalties in real time. With historic policy changes across our business, we are taking important steps to create a more equitable and transparent music industry for songwriters and all creators.
On behalf of our teams around the world, we are privileged to represent you as we begin this next chapter with Featured songwriters.
Chairman and CEO, Sony Music Publishing