NEW YORK (CelebrityAccess) — Indie distributor The Orchard announced that they have acquired RoyaltyShare, Inc. and made an equity investment in Korrect, two of the leading royalty processing services.
RoyaltyShare 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 top independent labels as well as advanced digital sales processing for large book publishers with its Digital Advantage solution.
Korrect began in 2001 as accounting software that 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 royalty data managed by The Orchard today.
The combined royalty platform will be accessible to all of Orchard's clients, through the client dashboard. According to the company, it will incorporate all data from physical and digital sales to facilitate processing artist statements.
“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.” – Staff Writers