Over the next year, Sony/ATV Music Publishing is rolling out major changes to get songwriters paid for their work faster than ever.
Among the upgrades, foreign earnings will now be reported and paid out to U.S. songwriters in the same period in which they are collected, rather than in the following period as is industry standard. Additionally, Sony/ATV will launch a new, no-fee “Cash Out” service, allowing songwriters to request some or all of their royalty balance to be paid out immediately (rather than at the next distribution).
“I am proud to announce these ambitious new initiatives that will help to deliver our strategy to be the best service company in the world for songwriters,” shared Sony/ATV chairman and CEO Jon Platt. “Powered by our industry-leading administration operations and best-in-class technology, we can now give our songwriters even greater control over their royalties and ensure that they get paid quicker than ever before.”
The new services will soon be made available to all Sony/ATV songwriters who are signed up to the publisher’s SCORE royalty portal app.
More good news for Sony/ATV songwriters? Cash flow at the company is climbing. For the fiscal quarter that ended June 30, music publishing revenues across Sony Music operations grew by over 80% year-on-year to 39.3 billion yen ($362 million) as a result of the consolidation of EMI Music Publishing.