News - 26/03/2015

The Orchard to provide royalty accountancy services thanks to RoyaltyShare and Korrect

The Orchard to provide royalty accountancy services thanks to RoyaltyShare and Korrect

Only a week after the news that The Orchard is now wholly owned by Sony Music, the distributor has announced the acquisition of royalty processing platform RoyaltyShare and a strategic investment in accounting software Korrect. 

The two companies will provide The Orchard with the expertise required to integrate advanced royalty processing functionality and expand the services it offers to the independent record labels it currently distributes. 

Both RoyaltyShare and Korrect have been around for some time, the former 9 years and the latter 14 years, and have had to continuously adapt to be able to support the changes in the way royalties are calculated due to the advent of streaming services and the billions of points of data they generate on song plays.

The CEO of RoyaltyShare Steve Grady stated: “We created RoyaltyShare in 2005 when we realized the inherent difficulties faced by independent labels in transitioning to a digital world. The challenges of royalty accounting have grown by magnitudes over the past decade. Our goal is to minimize the pain points around the business of running an independent label and, in The Orchard and Korrect, we’ve found partners who share the same ethos.”

Ben Nevin, CEO at The Orchard added: “We’re always looking for ways to free up our clients time to allow them to focus on the creative side of their businesses, whether it’s through performance rights collections, sales and marketing, or premium video services. Artist royalty processing is a natural extension of our end-to-end solution, particularly as it follows our philosophy of providing complete transparency from point of purchase to artist payment.”

This acquisition had probably been in the works for some time, but it is a further demonstration that Sony intends to support The Orchard and that - for the time being - the company will continue to grow and develop independently. This should put some of the company’s independent label clients more at ease with the new ownership structure.

 

(Andrea Leonelli)

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