What musicians should keep in mind is in the event of an untimely passing, your royalty streams are bona fide assets that need to be discussed in a will. Some of the unclaimed royalty information that we have at Royalty Claim is from musicians who’ve passed away, but did not file a beneficiary with the various music rights organizations. So, their music continues to earn revenue, but the organizations do not have beneficiary info to pay it out. Or, musicians who’ve passed away and left no instructions in their will on how their royalties should be allocated, and various claimants have created a dispute.
We should definitely talk more about musician estates (even smaller musicians can have estates). Royalty streams are assets with which musicians can receive loans from companies like Lyric Financial or Sound Royalties, or even sell via platforms like Royalty Exchange. If you’re serious about your music career, be serious about your estate.
I’m so proud to be able to unveil the info website for Royalty Claim today. I’ve had endless sleepless nights developing and designing the info site, and the actual database platform that’s launching soon.
Check it out, get your questions answered (see FAQ page), and pre-register for the beta.
The first public demo will be this Thursday at SCMIP x AMC LA Music Industry Meetup | DTLA Arts District.
As of this writing, there are currently 116,133 verifiable* payments owed to music creators and rights-holders that are sitting in unclaimed/undistributed royalties escrow accounts (referred to as “Black Box” funds**) in the United States.
The actual number of individual payments owed is likely closer to or exceeds 1 Million, however the actual number is unknown because the administrator(s) of some of the biggest Black Box funds have not made public their list of payees to whom they owe royalties.
Unfortunately, due to the statute of limitations on these funds many of these payments expire. Every month payees unknowingly forfeit their rights to these payments and the interest in the royalties revert back to the administrator. This happens because the payee does not contact the administrator of the fund to claim their royalties. Granted, most payees are unaware that these payments are waiting for them because the administrator is unable to reach the payee for various reasons.
It has been estimated that the global “Black Box” royalties could be in the billions of dollars owed to music creators and rights-holders.
Imagine working somewhere and then you do not receive a paycheck because the HR department does not have your new address. Not a perfect analogy, but not receiving monies that you’ve earned as a result of your hard work seems unfair.
THIS IS A HUGE PROBLEM
So, I am happy to announce that I am working on a side project called Royalty Claim. Royalty Claim will attempt to work with as many of these administrators to aggregate their databases of millions of records of unclaimed/undistributed royalties and make that information available to the public. There are other services and insight that we will offer through Royalty Claim to help educate music creators and rights-holders on Black Box funds and how to limit/prevent their earnings from falling victim to the broken global music licensing ecosystem (such as taking control of your music catalog with TuneRegistry).
Also, follow @RoyaltyClaim on Twitter.
* These 116,133 payments are specifically verifiable because the list of payee names can be gathered from several databases.
** I am currently aware of over 30 funds and sub funds being managed in the United States. However, there are definitely many more that are “private”.
Session Musicians: Quality music starts with talented musicians. Your mastery of instruments, performance, and sometimes improvisation can make the difference between a recording that’s just Ok and a recording that’s a masterpiece, so your skills should not go unrewarded.
Did you know that session musicians and background vocalists may be entitled to royalties when the recordings on which they’ve performed are played on digital services such as Pandora, SiriusXM, Music Choice, and thousands of Internet webcasters?
Music Producers: You’re often the underdog in the royalty fight. Although the Recording Academy’s Producers & Engineers Wing is pushing for an amendment to the U.S. Copyright Act that would provide an allocation of non-interactive digital streaming royalties (SoundExchange royalties) to producers, no laws currently stipulate that you must receive sound recording royalties from your work when Pandora, SiriusXM, Music Choice, Slacker, iHeart Radio, or any of the other 2,500 digital services perform music that you produced (however, producers can receive publishing income if you’re a “writer” on the song).
So, what’s the solution? How do you make more money from your works when retail record sales royalties are becoming a myth?
After months of planning, we are finally excited to release additional information about TuneRegistry.
TuneRegistry is an easy-to-use and cost-effective solution to streamline music rights registrations and metadata delivery. We’re building TuneRegistry for the independent music community — to empower you with a powerful, yet simple, platform to manage your music catalog and associated rights administration all in one place.
Who is TuneRegistry for?
From indie artists and artist managers to indie record labels and music publishers, we believe that the any music creator and rights owner within the independent music community will find value in TuneRegistry’s suite of tools and services. Even music attorneys like us!