Harvest Media Acquires RoyaltyCloud, Creates Single Stream from Placement to Payment
Together, the companies will create a single, seamless, efficient workflow for production music companies. From one platform, they will be able to do it all, from getting music to broadcasters worldwide to getting royalty payments into the right hands. Full integration of RoyaltyCloud’s services is due for completion in Q1 2022.
Harvest Media and RoyaltyCloud share an obsession with helping music businesses reach their full potential. “RoyaltyCloud is a fantastic, cloud-based, scalable solution. This is a core service all music businesses need and hits a sweet spot for our expanding client base,” explains Roland Hélène, co-founder and COO of Harvest Media. “Harvest Media is designed to save our clients time by providing tools to leverage off the quality data we hold for them. In addition to music search, content distribution to third parties, API connectivity, and broadcaster delivery, we can now provide our clients easy-to-use tools for processing their royalties.”
RoyaltyCloud is a fast-growing royalty software business founded and run by finance professionals. With extensive experience in audit and accountancy and development of financial software, the team is highly skilled in wrangling huge data sets into formal accounting records. A leader in automation, RoyaltyCloud has focussed on simplifying the processing of royalty data for the publisher. RoyaltyCloud can support most royalty statement formats and has developed its own proprietary matching algorithms to sort through the masses of royalty statement data quickly and efficiently. It prides itself on ensuring timely, accurate accounting practices that can stand up to extensive scrutiny.
“Harvest Media’s focus on efficiency, constant improvement, and data management matches our own, and our services are complementary,” says RoyaltyCloud’s Russell Tew. “We’ve worked to give maximum control to administrators, letting them maintain proper accounting records, produce professional statements, and track key performance indicators, all of which build trust with clients and save time,” time production libraries can devote to creative endeavors instead of paperwork and error-prone spreadsheet maintenance.
“Royalty administration has long been the bane of music businesses. Music companies must choose between incredibly expensive offline solutions, time-consuming custom builds, or small players with limited clients,” notes Angus Hayes, co-founder and CEO of Harvest Media. “One of our key goals at Harvest is to free up our clients’ time so they can sell and license more music. Our focus on production music means we can build and evolve RoyaltyCloud into a solution tailor made for our clients’ current and future needs.”
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