New payout solution will help bridge the entertainment industry payment gap.
Hyperwallet, a top global payout provider to digital platforms, today announced that they have signed a deal with Lyric Financial, a financial services provider that specializes in royalty advances and loans for recording artists. Using Hyperwallet’s technology, Lyric Financial will now be able to enable faster, more efficient royalty payment advances to artists working on TuneCore.
Irregular or delayed earnings have long afflicted artists and freelancers in the entertainment industry. With Hyperwallet, Lyric will be able to help ease the stress that this unpredictably 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,” explained Eli Ball, Lyric Financial CEO.
Lyric Financial has the unique challenge of managing royalty advances for an expanding roster of global artists. 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. Said Ball: “It’s reassuring knowing that the Hyperwallet network can easily enable us to expand our local payouts across 100+ countries quickly and easily.”
According to Hyperwallet CEO Brent Warrington, the royalty payment space is ripe for disruption. “Recording artists, like other types of freelancers, have the unique struggle of income unpredictability,” Warrington said. “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.”