The Orchard Acquires RoyaltyShare, Invests In Korrect To Offer Music Royalty Processing
Sony owned The Orchard is extending its label services with the acquisition of RoyaltyShare and a strategic investment in Korrect. Details of the deals were not disclosed, but RoyaltySare had previously received $11.5 million in venture funding.
Fresh off its purchase by Sony Music, music and video distributor The Orchard has acquired RoyaltyShare and made a strategic investment in Korrect, two royalty processing services. The deal will combine elements of each business to provide advanced royalty processing services to independent record labels.
"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," says Brad Navin, CEO of The Orchard. "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."
RoyaltyShare's web based platform supports revenue processing and master royalties for 90 independent record labels and music distributors. Korrect offers accounting software that tracks and supports Spotify and YouTube and other streaming services.
The combined recorded music royalty processing platform will be a standalone system accessible to all clients, as well as, connected to The Orchard's Workstation – The Orchard's client dashboard to track digital and physical sales along with ancillary revenue – thus, relieving the burden of processing artist statements and facilitating transparency.