GYROstream launches new split royalty payments feature
Image (L-R): Alex Wilson, Andy Irvine and Viv Mellish of GYROstream
Australian distribution company GYROstream has launched a new split payments feature that will allow multiple collaborators on a track to receive automated royalty payouts.
The new feature, GYROsplits, is available for free to all GYROstream account holders.
Each time an artist releases a new track, they can input royalty splits and have payments flow to each collaborator’s nominated bank account. A splits history table is also available, as well as the option to update future royalty splits. All parties need to set up a free, linked GYROstream account to receive their share of the royalties.
According to the company, only a limited number of distribution companies around the world currently offer this feature. GYROstream CEO Andy Irvine said the feature was highly requested by artists and their teams, at a time when long-distance collaboration is becoming more popular.
“With the rise in popularity of remote collaborative songwriting and production, we’re seeing songs come through our system with collaborators from multiple parts of the globe. You might have a guitarist in LA, a vocalist in Sydney, and a producer in London,” he said in a statement.
“In many ways, the world has got a lot smaller through collaboration during COVID-19 and GYROsplits ensures every party is paid the right amount for their art through an automated system, direct into their bank account – no more stewing over royalty spreadsheets.”
Today’s announcement, he said, was a big one for artists and the company.
“Listening to the requests and concerns of independent artists and trying to come up with solutions to help them succeed where we can is at the core of what GYROstream stands for.
“Thanks to the input of artists and their teams, GYROsplits is the biggest shake-up to our distribution system since we launched in 2018 and we are really excited to see it in action.”
The company said it also has an improved royalties dashboard, and the upgrades should provide more transparency.