Greetings music makers and marketers,
There are a few comments I wish to make that I hope make both of our lives easier. This time a money matters circular. As usual I will try and keep it brief.
1 - More streams less money - positive and not so nice. Streaming users for our repertoire appear to be using ad supported services more than subscription services resulting in lower earnings for us all. On the positive side we as specialist distributors are getting a broader catalogue usage. I think it means music fans are not just looking for the "hits" but are digging deeper into the catalogue works of artists.
2 - US dollars - the volatility of the US currency (and perhaps the USA) means we will in future be obliged to account only in US Dollars and convert to regional currencies upon payment to you. We get paid in USD and last year we suffered some exchange rate losses. As the streaming game gets tougher we are obliged to cut some risks. This will mean licensees are at the same risk of fluctuations as we are as distributors.
3 - Banks - we have had at least one case of a licensee bank swallowing a payment even though it would appear that the account concerned that we paid had been closed. Clearly we are not privy to the relationship you might have with your bank but we regard a payment made to an account you advise us of, as due fulfilment of our obligations in this area. Short story, please keep us up to date on your bank details. The best is to show these on your invoices.
4 - Tax - our usage statements exclude any local consumption taxes (e.g. VAT, GST, HST, etc.). If applicable, please show any tax due by us on your tax invoice, together with the relevant Tax Number.
5 - Collection Society - I am a little worried about composers who are without registration with a collection society. By far the biggest revenue shares for writers comes from performance and mechanical licenses. We do not collect these on your behalf. In fact we more often have to pay these unless we have a special arrangement where performer and composer are the same person. SO please register with a society even if you have a couple of songs. They will let you know what the membership requirements are. Otherwise licenses dues to you go into the dreaded "black box" and after five years or so may be paid out to third parties ..... or eaten up in admin costs!
Best wishes,
Patrick Lee-Thorp
Please refresh your browser if text appears to be missing.
