TuneCore is now offering cash advances
Digital distribution and publishing admin company TuneCore, which launched in Australia in 2015, is now offering online advances to its users.
The service for independent musicians has launched TuneCore Direct Advance, which automates advances based on users’ future distribution sales revenue.
Perhaps one of the most inviting features of TuneCore Direct Advance is the fact artists aren’t required to give up ownership of their music.
“With TuneCore Direct Advance, independent artists can have full control of their finances while still maintaining total creative control of their music,” read the press release.
Artists request a cash advance from their TuneCore Balance Page to receive money through PayPal or ACH (Automated Clearing House). Pitched as “hassle-free” and void of all the “time-consuming tasks often associated with obtaining advances”, artists pay a one-time fee and repay the advance automatically from future sales, including streaming and download earnings.
Currently available in the US only, the Advance was made possible by the backing of financial services and technology company Lyric Financial.
“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,” said 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 offering has been in the works for two years with Lyric Financial Founder and Chief Executive Eli Ball stating artists can 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,” said Ball. “The deal we have announced today with TuneCore is a huge validation of the platform we have all worked so hard to create.”
This article originally appeared on The Industry Observer, which is now part of The Music Network.