Sound Royalties, providing artist-friendly premium financial services and funding for music creatives and rightsholders, has supported its first major tour as part of its new tour financing initiative. These funds can be used by artists and their teams to build and rehearse their show and pay for extensive upfront costs associated with hitting the road.
“After a two-year lapse of the income generated from being on the road, performing artists are feeling the financial crunch and are looking for financial backing to jumpstart their tours again,” explains CEO and founder Alex Heiche of Sound Royalties. “The right tour, coupled with the proper production can change the career and financial trajectory for musicians. It takes money to make money.”
The launch partner for this new initiative is legendary Mexican rock star, performer, and composer Alejandra Guzmán, who turned to Sound Royalties to set her team up for success with her recent Perrísimas tour with singer Paulina Rubio. Sound Royalties assisted Guzmán with a six-figure advance to cover production costs and upfront expenses for the two-month U.S. tour at a time when getting in front of audiences was crucial for the artists. This allowed Guzmán to leap into action to catch what has been an intense, highly lucrative summer for live shows. LiveNation recently reported one of the highest quarterly audience attendance rates ever for Q2 of 2023, 33.4M fans.
The demand is there, but artists need support to meet it, especially in the context of high fuel prices, inflation, and supply chain woes. “Touring has always required investing upfront, but things are getting more and more expensive. Artists are feeling the inflation; gear, gas, tour buses, production, and staff are all going up,” notes Guzmán. “So, it’s great that there are viable options like Sound Royalties to advance some of these upfront costs before we start to recoup from the revenue of our shows.”
Artists earning more than $5,000 in annual royalties or with contracts from major tour promoters in place can reach out to Sound Royalties about upcoming financing and tour needs via soundroyalties.com, at [email protected], or by calling 888-987-3224.