Sony/ATV Music Publishing Taps Lyric Financial's Virtual ATM Platform to Empower Songwriters
NASHVILLE, Tenn., May 31, 2017 -- Lyric Financial, the leading financial services and technology company serving the global music industry, announced today that they have partnered with the world's largest music publisher, Sony/ATV, to provide their powerful virtual ATM platform. The new service enables Sony/ATV U.S. writers and publishing clients to request advances in less than a minute via Sony's new and improved SCORE royalty portal.
"We are always looking for ways to provide the highest level of service to our songwriters," said Sony/ATV Music Publishing Senior Vice President of Worldwide Administration, Dale Esworthy. "Giving our writers the ability to see their current earnings and access them 24/7 when needed is an important innovation that we are thrilled to provide. We are excited to be the first music publisher to offer the virtual ATM."
The vATM was developed by Lyric Financial Founder and Chief Executive Eli Ball to give creatives the option to access their current and projected royalties at their convenience. Established in 2007, Lyric Financial provides financing to working songwriters, producers, musicians, independent labels and music publishers who had previously been underserved by the financial services industry.
"For the last two years, we have been working to automate what has historically been an extremely cumbersome manual advance process in the music industry," said Mr. Ball. "The vATM is a simple, easy to use application that provides songwriters with a clear view of their available earnings and allows them to request advances in less than a minute. These basic tools will be invaluable to any music industry creative or company in budgeting and managing the ups and downs of their cash flow. The deal we have announced today with Sony/ATV, the world's largest music publisher, is a huge validation of the platform we have worked so hard to create. I applaud Sony/ATV for having the vision to make the vATM part of their SCORE platform."
The vATM powered by Lyric Financial is an important component of Sony/ATV's new SCORE royalty portal. SCORE allows its songwriters and their managers real-time access to their current royalty account. In addition, the portal's new SCORE CARD sets out in clear, graphical form, songwriters' earnings by territory with a simple top-view summary by income type, song and source for both current period and historical periods.
The vATM is just the latest financial innovation for the music industry from Lyric Financial. Look for announcements on new partnerships and products from the company as they continue to lead the field in innovative financial tools to empower the global music industry.
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May 31, 2017 10:37am ET by Sony/ATV Music Publishing