Sound Royalties announced today that it will extend their $20 million no-cost funding program, originally scheduled to expire April 16, by 30 days. Through May 16, songwriters, performing artists, producers and others, includingindependent labels, distributors and publishers receiving royalty income, can apply for financing on a one-year repayment schedule with no fees or costs of any kind.
“Based on the overwhelming response from the music community, we’re continuing our no-cost funding program and also want to emphasize that many independent labels and publishers are eligible,” says Alex Heiche, CEO and founder of Sound Royalties. “The past month has been brutal for the music industry with so many event cancellations and payment delays. With this extension to apply for a no-cost advance, we will continue our efforts to ease some of the burden caused by this unprecedented interruption in business.”
Sound Royalties provides funding to music creatives without requiring copyrights to be secured as collateral. Dedicated to serving creative artists first and foremost, the company also offers pass-through income so a creative can still receive ongoing royalty payments. In addition to the 12-month, no-cost advance option, terms that extend beyond one year are also available. Applicants are qualified based on verifiable royalty income of at least $5,000 per year.
“Most musicians, songwriters, and producers, as well as many music industry entrepreneurs, are considered self-employed, independent contractors or sole proprietors of small businesses,” said Michael Bizenov, President of Sound Royalties. "These individuals, are being hit hard right now and we’re glad to be able to offer them this no-cost option.”
Songwriter Hall of Fame member and GRAMMY nominee Steve Dorff expressed his appreciation for Sound Royalties’ support of music creatives during the current crisis. “Like many artists, I’ve had several shows postponed or cancelled,” said Dorff. “Sound Royalties is acting on good faith to help artists replenish that lost income. This is a really fair, no-risk program for working artists – a dollar-for-dollar, no-cost, no-fee deal.”
Sound Royalties was founded in 2014 to help music professionals flourish and sustain their careers without putting copyrights at risk. The company has funded creative initiatives and worked with hundreds of musicians, including GRAMMY nominees and winners DJ Khaled, Rich Robinson, Pitbull, Brenda K. Starr, Wyclef Jean, and many others.
For more information, please visit www.soundroyalties.com,