Sound Royalties announced that the company is expanding their suite of services. In addition to royalty advances and interim bridge financing for musicians selling their catalogs, the company is now offering tour financing to artists and performers to help get their live performances back on the road. All interested music creatives generating more than $5,000 in annual royalty income and or with touring agreements from major promoters can contact Sound Royalties to learn more about the program and receive a free analysis and valuation of their royalty earnings.
Touring is one of the most lucrative ways for musicians and performing artists to generate revenue and is part of the heart of music culture. In 2019, the touring industry generated gross revenues of $5.55 billion dollars – a stark contrast to the $1.2 billion it generated in 2020 as a result of COVID-19. This $4 billion dollar deficit is one that has left an indelible mark on musicians, and their bank accounts, worldwide. And while one of the major events, promotion and venue operating companies, LiveNation, reported a 677% increase in Q2 revenue from the prior-year period, there is still a lot of work to be done to get back to where the live music industry was.
“The pandemic is continuing to have a ripple effect in several areas of the music industry. What we thought was going to be a celebrated return to touring and live music experiences during the summer of 2021, has turned into a fractional victory, with lots of artists lacking the funding needed to get their live shows back out on the road,” says Alex Heiche, CEO of Sound Royalties.
“Many artists and performers have expressed a need for additional financial support as we continue to navigate through the unpredictability of live events. It only makes sense for us, the leading financial services company in the music industry, to offer something of value to these creatives, keeping them funded, motivated and helping restore a sense of normalcy to their life.”
The new touring advance program will work similarly to a typical advance with Sound Royalties, but with customizations as it pertains to touring income versus music royalties. Each qualified performer will have the opportunity to access funding based off of their royalty streams or their guaranteed negotiated tour agreement.
“As the company that pioneered financing for music creatives without risk to ownership of copyrights, this new program continues Sound Royalties’ tradition of offering valuable artist and industry friendly funding solutions,” said Michael Bizenov, President of Sound Royalties.