TuneCore Direct Advance Offers Artists Automated Advances
It could be a sign that digital music aggregation has either grown up or is adopting a label model, but regardless of the reason, TuneCore has launched a program called TuneCore Direct Advance that offers automated advances to artists signed to distribution or publishing deals. This is certainly a first for this arm of the industry, and adds a major missing factor to the DIY aspect of digitally distributing music.
A press release from the company states, “From recording new material to purchasing new equipment to funding a tour, TuneCore Direct Advance provides a simple way for artists to access advances at their convenience, 24/7 and on their own terms. In addition, this new advance model does not require artists to pledge ownership of their music, which is often the case with many competing services. With TuneCore Direct Advance, independent artists can have full control of their finances while still maintaining total creative control of their music.”
“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.”
The advances from TuneCore is made available via a partnership with Lyric Financial, and is available only to members in the US, and like most advances, are repaid from future sales where they’re automatically deducted from streaming and download earnings
Members can request a cash advance directly from their TuneCore Balance Page, which is based on current and forecasted earnings. There’s a one-time fee involved, but reportedly a qualified member can quickly receive the advance either through through PayPal or direct transfer to his bank account.
There are still a lot of unknowns about this program, like how much is the one-time fee and what it takes to qualify, but this is definitely a step in the right direction. Many artists prefer to see their money in a lump sum rather than small monthly payouts, so TuneCore Direct Advance is certainly a step in the right direction.
