Sony Music Entertainment has major upgrades planned for its Sony Music Artist Portal, the label’s tool for tracking royalties and receiving payments. In a letter obtained by Billboard and sent to royalty participants on Monday, Sony Music said that starting this fall it will release a pair of new features that will “allow our artists and royalty participants to view and withdraw earnings faster than ever before.”
One of the new tools will be called Real Time Royalties, which true to its name, will provide more immediate access to global royalty earnings statements and account balances, eliminating lengthy wait times. Enhanced analytics will boast “faster insights into your earnings trends” to help artists and royalty participants better-informed decisions.
In addition to better analytics, the Portal will also have a Cash Out feature that will be a free way to request a withdrawal of all or part of an artist’s payable balances every month. Sony said it will continue to issue usual payments of any remaining balances that were not withdrawn through the Cash Out feature.
Here is the letter sent to artists and others:
Dear Royalty Participant:
Sony Music is pleased to share that unique enhancements are coming soon to the way we report and pay your royalty earnings.
Starting this fall and rolling out globally over the next year, we will release two new features that allow our artists and royalty participants to view and withdraw earnings faster than ever before: Real Time Royalties and Cash Out.
Once launched, Real Time Royalties, available anytime, anywhere through the Sony Music Artist Portal, 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. This major speed improvement eliminates the need to wait for periodic reporting cycles to see your royalty earnings and account balances. You’ll also be able to use the Sony Music Artist Portal’s industry?leading analytics capabilities to interpret your Real Time Royalties data in robust and powerful ways, giving you faster insights into your earnings trends so you can make highly?informed decisions.
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. There are no fees and no charges to use Cash Out, and we will continue to issue payment of any remaining account balances that have not been withdrawn through Cash Out on our normal payment schedule.
If you’re not already a Sony Music Artist Portal user and you want to take advantage of these exciting new features as soon as they become available, please register for access by contacting your local Sony Music business partner by emailing firstname.lastname@example.org . Existing and newly registered Artist Portal users will continue receiving further updates about this and other service enhancements as they become available.
Also if you are an already registered user then please use the Contact Us section of the Artist Portal to request your authorization to use the Cash Out capability.
Use of the Sony Music Artist Portal, including Real Time Royalties and Cash Out, are subject to applicable terms and conditions.
Best, Sony Music Entertainment