To offer royalty advances to artists and labels, TuneCore today launched TuneCore Direct Advance in collaboration with Lyric Financial. The new service provides U.S.-based TuneCore customers the option of quick, automated advances on their future distribution sales revenue.
With TuneCore's just launched Direct Advance service, artists and labels can get advances on future earnings, while retaining full ownership and control of their catalog.
The new service was developed in partnership with Lyric Financial Founder and Chief Executive Eli Ball. Artists and labels must meet certain eligibility requirements, including sales history and earning thresholds.
“This is a one-of-a-kind integrated offering that gives artists a hassle-free, reliable way to access their future earnings quickly and easily, eliminating the difficulty often associated with obtaining advances,” says Scott Ackerman, CEO at TuneCore. “We are deeply invested in the careers of our artists and are committed to ensuring they have the tools and resources needed to succeed.”
Qualifying customers can request a cash advance directly from their TuneCore Balance Page, and for one-time fee quickly receive the money through PayPal or ACH (Automated Clearing House). The advance is repaid directly from future sales and automatically deducted from streaming and download earnings.
"For the last two years, we have worked to automate what has historically been a cumbersome manual advance process in the music industry," says Lyric Financials' Eli Ball. "TuneCore Direct Advance is a simple, easy-to-use application that provides creatives with a clear view of their current and forecasted earnings, allowing them to request advances in less than a minute. These basic tools will be invaluable to any music industry professional in budgeting and managing the ups and downs of their cash flow."
“As an artist for more than 20 years, I know firsthand the need for a money advance to cover anything from production to personal expenses,” says Lito MC Cassidy, TuneCore Artist. “For the first time in my career, I not only feel in full control of my money but also relieved to know that by simply choosing the amount of money I need, I can receive an advance in seconds.”