The Orchard Adds Royalty Share, Invests In Korrect
March 25, 2015 at 12:34 PM (PT)
THE ORCHARD has acquired ROYALTY SHARE and made a strategic investment in KORRECT, two of the industry's pre-eminent royalty processing services to combine the foremost elements of each business in providing advanced royalty processing services to independent record labels.
"We created ROYALTY SHARE in 2005 when we realized the inherent difficulties faced by independent labels in transitioning to a digital world," explains ROYALTY SHARE CEO STEVE GRADY. "The challenges of royalty accounting have grown by magnitudes over the past decade. Our goal is to minimize the pain points around the business of running an independent label and, in THE ORCHARD and KORRECT, we've found partners who share the same ethos."
ROYALTY SHARE launched the industry's first web-based platform to support revenue processing and master royalties for independent record labels and music distributors. The company's RPS platform supports more than 90 customers including some of the world's leading independent labels as well as large book publishers.
KORRECT was founded in 2001 as accounting software that quickly transformed to support the shift from discrete unit transactions to consumption models such as SPOTIFY and YOUTUBE. Currently serving some of the largest independent labels in the world, KORRECT is a data processing platform that ties into the immense amount of royalty data managed by THE ORCHARD.
KORRECT Managing Dir. SIMON PETERS added: "We see it as an excellent opportunity to integrate with the industry's leading digital distributor, THE ORCHARD. ROYALTY SHARE and KORRECT share goals to extend our solutions to record labels of all sizes. We are excited to collaborate with like-minded businesses to build upon the next-generation, best-in-breed royalty processing system."
The combined recorded music royalty processing platform will be a standalone system accessible to all clients and will also be connected to THE ORCHARD WORKSTATION, its client dashboard, through automated data sync. It will seamlessly integrate digital and physical sales data with all ancillary revenue, relieving the burden of processing artist statements and facilitating transparency in artist accounting.
"We're always looking for ways to free up our clients' time to allow them to focus on the creative side of their businesses, whether it's through performance rights collections, sales and marketing, or premium video services," concluded THE ORCHARD CEO BRAD NAVIN. "Artist royalty processing is a natural extension of our end-to-end solution, particularly as it follows our philosophy of providing complete transparency from point of purchase to artist payment."