Sony/ATV has unveiled details of a new partnership with Lyric Financial to power a new ‘virtual ATM’ (vATM) platform.
Financial services company Lyric Financial was founded in 2007 to provide financing to songwriters, producers, musicians, independent labels and music publishers who had previously been underserved by the financial services industry. The new service enables Sony/ATV’s US writers and publishing clients to request advances in less than a minute via Sony's recently improved Score royalty portal.
Dale Esworthy, Sony/ATV’s SVP, worldwide administration, said: "We are always looking for ways to provide the highest level of service to our songwriters. 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."
Lyric Financial founder and chief executive Eli Ball developed the new technology, which is designed to enable creators to access their current and projected royalties at any time.
Ball commented: "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. 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."
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