June of last year, Sony Music Group make a turning point notification that it will no longer apply the current outstanding balance to the earnings of eligible artists who signed on before 2000 and who have not received an advance since.
The move comes through an initiative called “Artists Forward”, based on a statement from the record company at the time, focused on “prioritizing transparency with creators in all aspects of their development”.
Marquee policy from that initiativeLegacy Unsupported Equalization program, expanded to musicians in July, with Sony Music Publishing (SMP) revealed that it will also ignore unsupported balances for qualified musicians.
Now, Sony Music Group is expanding its unsupported equalizer program to even more artists and musicians.
In the future, SMG will expand the program on a rotating basis, for globally qualified underserved artists and musicians who have accompanied Music by Sony for more than 20 years, and have not received an advance in more than two decades.
Eligible artists, musicians and participants will be notified of their eligibility later this year.
The move was revealed by the President of Sony Music Group, Rob Stringerin a presentation with investors at Sony The Group’s 2022 business summary report on Thursday morning (May 26).
Sony’s enhanced program, which begins this fall, will begin with eligible artists and musicians who signed with SME before 2001 and have not received an advance since 2001.
Eligible pre-2001 participants will be eligible to receive streaming and other royalty earnings generated on or after January 1, 2022.
In the future, eligible artists and musicians who reach the milestone more than 20 years since signing with Sony Music and their last registration, will also be eligible for the program.
SMG has paid through any qualified royalty earnings on or after January 1, 2021, to eligible artists and musicians who were contracted to SMG prior to 2000 and have not yet received a stipend. from 2000 onwards.
MBW understands that to date SMG has paid out millions of dollars to thousands of pre-2000 qualified artists and musicians globally.
“At Sony Music Group, we pride ourselves on our efforts to be the most creator-friendly company in the modern music industry, and we will continue to look for the most principled ways to showcase talent. mine.”
Rob Stringer
In his presentation, Rob Stringer said: “At Sony Music Group, we pride ourselves on our efforts to be the most creator-friendly company in the modern music industry and we will continue to looking for the most principled ways to show off his talents.
“For example, our new Artist and Musician Transition program promotes full transparency in our relationships.”
He added: “We became the first major company to pay through earnings for many longtime artists and musicians regardless of refund status.
“And now, we’re expanding that effort to include more qualified artists who’ve been contracted with us for more than 20 years, by providing eligibility on a rotating basis.”
Stringer further notes that the initiative follows Sony becoming “the first company to share our equity since Spotify“And quote set” of Sony digital insights tools that provide real-time earnings, reporting, withdrawals and advance capabilities allowing our creators to gain additional insights. knowledge and control over their professional finances”.
Stringer also references Sony’s health-focused program called Artist Support, which SME launched in September as a major expansion of Artists Forward.
Stringer added: “With regard to this transparent approach, we believe in the well-being of our artists and musicians. That’s why we’ve launched the Artists and Musicians Support program that offers many ways to help them cope with the rigors of the music business.
“We believe we are game changers with the desire to properly care for our talent in this complex digital age.”
In February, Warner Music Groupthird largest music copyright company in the world, also confirmed that they are introducing a “legacy unincentivized improvement program,” which will go into effect July 1.
March, Universal Music Group confirmed that it also won’t take care of unsupported balances for legacy artists.Worldwide music business
