Artists and labels to get paid faster with new digital platform
The founder of data intelligence platform Revelator has unveiled plans to remodel payment methods for artists.
The Tel Aviv-headquartered company is offering advances and utilising mobile technology through the creation of a new digital service.
Led by Revelator’s founder and music tech entrepreneur Bruno Guez, the new platform will address a current lack of technological integration in the market that has seen changes in the music industry move faster than the tools available to artists and record labels.
According to TechCrunch, Revelator has raised US$2.5 million (AU$3.3 million) in Series A funding to build the platform that will distribute, sell and license online music. Once users upload their content to the system, Revelator will make their content available on digital stores and streaming services.
Having already raised an additional US$3 million (AU$3.96 million) towards the platform, with participation from Digital Currency Group and Israeli early-stage fund Reinvent, Guez has future intentions to develop a payment platform that will revamp and improve artist compensation methods.
Rather than waiting months for payment from music services, the company intends to implement a system that will use data and analytics to determine the amount of compensation that is owed to artists and labels. With this data, Revelator will be able to pay artists advances as well as make use of mobile technology to pay artists directly.
Based is Israel, Revelator serves over 8,000 artists through its partnership with local Performing Rights Organisation ACUM. With plans to roll out the business in Asia and Europe in the future, the platform is a step forward in tackling the issues of payment efficiency and financial transparency in the music industry, as well as other entertainment sectors.