TuneCore, one of the most popular digital distribution and publishing companies, is now affording artists the opportunity to receive money advances from their future earnings.
The new service is called TuneCore Direct Advance and it is made possible by Lyric Financial.
“…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,” reads a press release from TuneCore.
The service comes out of the need of giving artists a quick hassle-free way to obtain funds needed to advance their careers without waiting for the cash to come in.
To use TuneCore Direct Advance, will have to request a cash advance from the Balance Page and pay a one-time fee. The money will then be sent via PayPal or Automated Clearing House.
“TuneCore Direct Advance is a simple, easy-to-use application that provides creatives with a clear view of their current and forecasted earnings, allowing them to request advances in less than a minute,” the release reads. “These basic tools will be invaluable to any music industry professional in budgeting and managing the ups and downs of their cash flow. The deal we have announced today with TuneCore is a huge validation of the platform we have all worked so hard to create.”
This move has been two years in the making and the service still lets it’s users maintain 100% of their sales revenue and rights.