Warner Music to Waive Unrecouped Debts for Heritage Artists and Songwriters, Universal to Follow
variety.comJem Aswad Senior Music EditorAs part of its first Environment Social Governance report, Warner Music Group announced on Tuesday that it will waive unrecoupled debuts for heritage artists, following Sony Music, which made that move last year.Just hours later, a source confirmed to Variety that Universal plans to make a similar announcement as part of its ESG report later this year; Music Business Worldwide first reported that news.What that means is that eligible artists, songwriters and others who had not recouped their advances and/or other expenses will now receive royalties that previously had gone toward paying down those expenses.
That situation has meant that many artists have received low or even no royalty payments as the company applied their earnings to paying down debts they may have incurred through signing advances or other recoupable expenses that standard record-label contracts oblige the artist to cover.
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