5 Ways Symphonic’s Recoupment Tool Can Save You Time

Whether you’re an artist, label, or a production team, Symphonic’s Recoupments tool streamlines our client’s financial recoupments like never before. No matter how you need to manage your recoupments, this tool lets you do it easily and reliably right in the SMS. In this post, we’ll shed some light on some of our favorite ways this tool can make your life easier.

5 Ways Symphonic’s Recoupment Tool Can Save You Time

Here’s the rundown…

Symphonic’s Recoupments tool streamlines financial recoupments across various scenarios, serving the needs of artists, labels, and production teams. The tool caters to a variety of financial arrangements in which expenses or advances need to be recouped, and walks users through these often complicated scenarios, demystifying the process with no need for labor-intensive manual calculations to determine artist balances and payouts.

The interface clearly defines who will pay back an expense and for what release. In addition, automating the recoupment process allows artists and labels to focus less on the financial admin and more on creativity and production you’d much rather be spending time on.

First Dollar Scenarios

Imagine you’re a music label who has just signed a new artist, and they’ve released an album. You (the label) can choose specific contributors, like a collaborating artist or a producer, to receive their payments from the very first dollar earned, all while the rest of the expenses are recouped from the earnings of the other contributors. This allows for improved flexibility when enabling certain contacts.

Shared Expenses

In a situation where a label and an artist have agreed to share the production costs of a music video, this tool allows them to proportionally distribute these expenses. As the music video generates revenue, both the label and artist can recoup their respective shares, simplifying the financial management of joint projects.

Artist Level Recoupment

Now, let’s say a music label fronts an advance to an artist for multiple projects. With our tool, the label can recoup this advance across the artist’s various releases. Simultaneously, the system ensures that any collaborators, like session musicians or guest vocalists, all receive their payouts immediately, without being affected by the artist’s advance recoupment.

——

🧠 Feed yo’ brain…

Symphonic Team’s Favorite Digital Partners & Tools

10 Symphonic Tech Features You Should Be Using in 2024

How SoundCloud Royalties Work Through Symphonic

How To Keep Your Accounts Safe Online as an Independent Musician

——

Managing a Breakout Single with Multiple Contributors

Imagine a record label has a hit single featuring several artists and producers. Each contributor has different contractual terms for recoupment. With our Recoupments tool, the label can easily set up a first-dollar recoupment for key contributors (like the main artist or a high-profile featured artist) who get paid from the first dollar earned, while others are recouped differently.

This flexibility ensures fair and transparent financial arrangements, every time.

Fair and Transparent Financial Handling for Artists and Producers

Artists and producers who collaborate frequently can also benefit from clear and transparent financial arrangements. Whether it’s dividing expenses for a music video or calculating payouts for a collaborative project, the tool’s ability to handle diverse scenarios ensures all parties are treated fairly and paid according to agreed-upon terms.

In Conclusion…

Now, managing different recoupment scenarios is more straightforward and easy than ever. There’s no need for labor-intensive, manual calculations to determine payouts. By clearly defining who pays back an expense and when, this tool fosters an improved trust among artists, collaborators, and labels. In addition, automated recoupment processes save time and resources, allowing artists and labels to focus more on what really matters, the music.

//

Ready to try it out for yourself?

Symphonic clients can find this feature right in the SMS by clicking,  SplitShare ► Recoupments. Once you’ve navigated here, utilize this Help Desk article for step-by-step instructions on how to create a recoupment.

In the meantime, our Help Desk has a plethora of useful information to guide you through this process. From how to edit existing recoupments or view your recoupment progress to accessing royalty summaries and more, everything you need is right here. If your question isn’t answered here, click here to submit a request.

Good luck!