Sony Music facilitates payments for artists
“Cash Out” service will enable artists to remotely remove from their account those amounts of money they declare each month through the artist’s portal.
Among the artists that today are internationally rated Sony Music Entertainment are Calvin Harris, Khalid and Camila Cabello. Revenues that go to Sony thanks to online distribution until March and in the last 12 months are $ 2.05 billion. Meanwhile for the same period this company has accumulated $ 3.85 billion.
Sony Music Entertainment CEO Rob Stringer has sent a letter to the artist’s company by informing them of new ways of paying for revenue from copyright. According to Music Business Worldwide, these are good news for artists because they have been forced to resume very long periods of payment until their payments are made. Fees created in payments are called “Real Time Royalties” and “Cash Out” and thanks to them artists can see how much revenue they have and they can withdraw from them every time they need without much anticipation. Sony Music Entertainment considers this opens up as a revolution in the industry because thanks to the Real Time Royalties artists portal will benefit digitally faster from their work.