Distribution and payments platform Stem has launched its Royalty Services product.
Earlier this year, Stem CEO and co-founder Milana Lewis spoke Music week about the company’s ambitions to reach more customers beyond its distribution list.
The Royalty Services product helps labels simplify the process of calculating and paying royalties, with whomever they distribute. According to the statement, independent labels can partner with Stem to “get more insight into their royalty obligations, feel more confident that their calculations are correct.” accurateand spend less time paying”.
Stem aims to help labels overcome multiple copyright challenges, including revenue from a diverse range of sources and partners; complex contractual conditions; multiple contributors on a track that need to be paid; artist projects across multiple labels and distributors.
The tech company wondered why the speed of payments from streaming has lagged behind other digital industries.
Music creators and teams subscribed to the platform will have access to a clear dashboard showing their earnings over time. The unified dashboard will allow them to view and collect royalty proceeds from multiple labels in one place.
Over the past year, Stem has worked with labels and artist teams such as Quality Control, 3LAU, Fool’s Gold and Our Vinyl to understand the challenges facing royalty funding teams.
This is the next step in our mission to improve financial clarity for the entire music industry
In collaboration with CurveStem will help labels manage contract data, track earnings from DSPs and other sources, and easily verify that every statement is accurate.
“This is the next step in our mission to improve financial clarity for the entire music industry,” said Brendan Kao, chief product officer at STEM. “Labels need a clear dashboard to understand royalty payments and obligations, and artists deserve a clear view of what they are owed. Now Stem can deliver that experience whether you distribute with us or not.
Stem Royalty Services are available to eligible labels and other music companies with “significant royalty obligations”.
The business can work on assisting with contracts, retrieving previous royalty periods, and importing regular bank statements from DSPs, and more. Once finalized, labels can fund payments to hundreds or thousands of recipients with a single transaction, while artists can view and manage payments from multiple labels in one portal.
“Stem’s software makes royalty data easy to read to the point where I want to log in myself to see trends,” said Coach K of Quality control music. “With any other solution, I’d wait for my team to generate a report and then wait again while they pulled the important details out of a huge spreadsheet. QC is about innovation, so we like to use technology to move fast and continue to set trends for the industry.”
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