Sound Royalties says that it wants to help artists affected by PledgeMusic‘s recent financial troubles.
The music industry specialty finance firm is committing $3 million to help fund the projects of PledgeMusic artists by means of low interest royalty advances.
Last month PledgeMusic accepted responsibility for late payments to “many artists” over the past year and then issued a statement to say that it is in discussions with “several interested parties” over a potential acquisition or partnership.
Earlier this month it advised artists via an email to to “suspend” their campaigns.
Sound Royalties says that it can offer its “signature” royalty advances to PledgeMusic artists at an “extremely low” interest rate of 4% for one year.
Sound Royalties’ advances let artists keep their copyrights and allow for overflow income.
“Numerous hard-working bands and artists have not seen the money promised to them, and they may never see it. As advocates for musician rights, we could not sit idly by; we needed to help these creatives.”
Alex Heiche, Sound Royalties
“We care about the impact these issues have had on creatives,” said Sound Royalties Founder and CEO Alex Heiche.
“Numerous hard-working bands and artists have not seen the money promised to them, and they may never see it. As advocates for musician rights, we could not sit idly by; we needed to help these creatives.”
Sound Royalties expanded into Nashville in January.Music Business Worldwide
