To enable faster and more efficient royalty payment advances to recording artists working on TuneCore, Hyperwallet has signed a deal with Lyric Financial — a financial services provider that specializes in royalty advances and loans for recording artists, Hyperwallet said in an announcement.
Irregular or delayed earnings have long afflicted artists and freelancers in the entertainment industry. But, by working with Hyperwallet, Lyric will be able to help ease the stress that this unpredictability causes artists.
“Powering our royalty payment disbursement platform with Hyperwallet has not just improved the speed of distribution, but has also further increased visibility into the process for our payees,” Eli Ball, Lyric Financial CEO, said in the announcement.
Lyric Financial has the unique challenge of managing royalty advances for an expanding roster of global artists. And Hyperwallet’s proprietary financial network has made it easier for the company to send local, low-cost bank transfers to recipients in nearly a dozen countries, including India, Russia, Brazil and Indonesia.
“It’s reassuring knowing that the Hyperwallet network can easily enable us to expand our local payouts across 100+ countries quickly and easily,” Ball said in the announcement.
The royalty payment space is ripe for disruption, according to Hyperwallet CEO Brent Warrington.
“Recording artists, like other types of freelancers, have the unique struggle of income unpredictability,” Warrington said in the announcement. “Our job as a global payout platform is to help change the way these folks get paid, ultimately ensuring financially vulnerable workers have quick, efficient and secure access to their earnings, whenever and wherever they need them.”
Hyperwallet’s payout platform provides growing organizations with a frictionless, transparent and reliable way to manage payments. Utilized by enterprise, eCommerce and on-demand platforms, Hyperwallet allows users to pay 7 billion people in a singular payment environment. The company has offices in San Francisco, Austin, London, Sydney and Vancouver.