In a letter to artists and eligible participants obtained by MusicRow, Sony Music Entertainment (SME) announced the launch of a new initiative to prioritize transparency with creators in all aspects of their development called Artists Forward.
To enhance its level of service under this new initiative, the company also unveiled a Legacy Unrecouped Balance Program, which creates more payment opportunities for artists and participants around the world.
SME announced they will no longer apply existing unrecouped balances to earnings generated on or after Jan. 1, 2021 for eligible artists and participants globally who signed to SME prior to the year 2000 and have not received an advance since then. Through this program, the company hopes to increase the ability of those who qualify to receive more money from the use of their music.
In addition, those eligible for the Legacy Unrecouped Balance Program can join other qualifying Sony Music artists in receiving advances on projected earnings using Real Time Advances. This new feature, available through the Sony Music Artist Portal, enables instant account advances and is currently available in the U.S. and U.K. with additional markets around the world being added later this year. Qualifying users who use the Sony Music Artist Portal will also be able to request a withdrawal of all or part of their payable balance each month as soon as it becomes available using the Cash Out feature.
Artists and participants who qualify for the Legacy Unrecouped Balance Program will be notified of their eligibility separately in the coming weeks.
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