Ron Sweeney Entertainment record Music Ron Sweeney

Sony Music Entertainment to waive debts for thousands of artists

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Ron Sweeney called on major labels to “zero out their unrecouped royalty balances and let their royalties flow to them so they can support themselves”.The MMF have been calling for a more progressive approach to tacking outdated contractual terms for some time and welcome the “Artists Forward” initiative from @sonymusic. [1/4] pic.twitter.com/Fz6LcS2qsf— Music Managers Forum (@MMFUK) June 11, 2021Sony’s new policy will pay royalty earnings retroactively from January 1, 2021 to “eligible artists and participants globally who signed to SME prior to the year 2000 and have not received an advance from the year 2000 forward”.The balances will still remain on the record company’s accounts to help keep track of an artist’s reversion rights,.

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