TuneCore today announced the launch of TuneCore Direct Advance. A unique collaboration with Lyric Financial, the innovative new service offers U.S.-based TuneCore artists automated advances on their future distribution sales revenue.
With many independent artists and labels operating as small to medium-sized businesses with sometimes minimal resources, TuneCore Direct Advance is a valuable new offering that allows them to take advances on future earnings to help fund new projects and further their careers. From recording new material to purchasing new equipment to funding a tour, 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.
“This is a one-of-a-kind integrated offering that gives artists a hassle-free, reliable way to access their future earnings quickly and easily, eliminating the difficulty often associated with obtaining advances,” says Scott Ackerman, CEO at TuneCore. “We are deeply invested in the careers of our artists and are committed to ensuring they have the tools and resources needed to succeed.”
TuneCore Direct Advance is the latest addition to the company’s comprehensive array of artist tools and services that are made to help them build successful music careers. The new service is available for U.S.-based TuneCore artists that meet certain eligibility requirements, including sales history and earning thresholds.
Qualifying customers can request a cash advance directly from their TuneCore Balance Page, and for a low, one-time fee, they will quickly and easily receive the money through PayPal or ACH (Automated Clearing House). The advance is repaid directly from future sales and automatically deducted from streaming and download earnings. Since this service operates as an independent process, artists avoid additional, time-consuming tasks often associated with obtaining advances, including registration and negotiations.