Ingrooves Music Group is providing independent musicians and labels with royalty accounting software, Music Business Worldwide reported.
The collection of tools provides three service tiers. Those include Register Splits that provides a method for small labels to divide up income without intervention. It also encompasses Register Pro, which is a royalty accounting platform for more sizable labels. And a Register Full-Service tool provides labels with access to the company’s royalty accounting workforce.
All of the technologies are portal product extensions of the company’s Register financial portal.
“Our labels have been asking for accounting tools to help them with a wide variety of their needs and together this suite of services is the kind of flexible solution that can help literally any one of our clients, no matter what size or level of complexity of their business,” said Ingrooves Music Group CEO Bob Roback.
In addition, Ingrooves supports payments to in excess of 100 nations through different currencies and payment choices.
Another company, Stem, aims to harness the platform model to assist independent musical artists and the many individuals who may be behind a recording (the composers and the producers, among others) get paid through “splits” — what they’re owed when it is owed as music is uploaded to streaming platforms.
Stem CEO Milana Rabkin Lewis said in a previous PYMNTS interview that automating the splits of royalties is just one part of the model, which also provides financing that assists finishing their endeavors and get on the road without sacrificing control of master recordings to tap into much-needed funding (a typical practice with labels.)
The company’s target base, according to Rabkin Lewis, is composed of “not just the artists, but also their management teams, the labels that work with and all the various collaborators, songwriters, producers … all of them are part of a population of creators that we see as being underserved by financial tools and technologies.”