“Now I’m home, which is cool because at least I can write music, but I’m essentially not making any money this month, which is tough as a musician.”
That quote—from Vulture’s “How Artists Are Coping As Shows Cancelled Due to Coronavirus”—sums up what we can only imagine many artists are thinking right now.
The Covid19 crisis has hit the live music business pretty hard, with cancellations of shows both large and small across the globe. Like everybody else, we don’t know how long this situation is going to last, nor what the long-term impact will be.
But we do know that we can try to help, at least a little. As a songwriter, you have a unique advantage that will help you weather this temporary storm that many others lack. You write songs. These songs earn royalties. And royalties can’t be canceled.
First off, our main concern is your health and safety. Social distancing is an inconvenience for sure, but a necessary one, both for your well being and that of others. Please take advantage of all the tools and services available to you to continue your creative work without risking yourself or anyone else.
The Royalty Exchange team shifted weeks ago to a remote work setting. We are here to answer your questions and concerns, and to help you raise funds during this difficult time. You’ll be happy to know that interest in music royalties has not declined. Bidding and buying continue across our marketplace, as investors seek safe havens from the chaotic stock market.
Your royalties are assets that you can use to get you through the coming months without taking on debt or risking your future financial security. You should be very careful about going into debt right now… it could put all your future royalties in jeopardy.
One way is to collect years worth of royalties due for the music you already wrote. You can use that money to pay for the music you’ll write while hunkered down.
An easy first step is to check how much you could raise with just your ASCAP/BMI payments. You can do this through our online Know Your Worth app. It’s free, automatic, and there’s no obligation. And if those results don’t meet your needs, we can conduct a more thorough, custom analysis of your other royalty sources.
Whether you work with us or not, it’s useful data to start planning your next moves. Remember, you own a valuable asset. That gives you options. We’re here to help you evaluate and explore them all.
Most importantly, please be safe. Wash your hands. Maintain your social distancing. We’re going to get through this, because above all else… music endures.
- The Royalty Exchange Team