For professionals in the music industry, it is essential to invest in yourself and your projects. Through Sound Royalties, Damien Reilly, CEO and founder of Blue Pie Records was able to access capital that helped expand his label globally and grow his business by 400%.
Read more about Blue Pie’s experience directly from Damien:
“We have been a Sound Royalties client since March 2017. The relationship has been incredible from the start. As a direct result of the funding we secured back then, we have been able to expand and grow our business by over 400%. Today our company has over 39 staff in our Australian head office, a new office in Argentina with 10 full-time staff and points of presence in Canada, USA, Columbia, Chile and the UK.
The music industry has for a very long time had very limited options available when it comes to record label funding, securing, or advancing income streams. Banks have not seen royalty streams for independent record labels as real and secure. The mindset back in 2017 was that the music business was high risk, and stability for any kind of funding would not be there unless you were a major artist or label with record label funding.
This perception is changing. In Australia back in 2017, it was close to impossible to get funding of any kind without attaching real estate or cashable securities to secure a loan or any form of funding. Sound Royalties worked with our management team and made the entire process super easy, and funding was completed within 45 days. It’s a crazy space when you think about where our income comes from. We have 85% of our royalty income being generated and paid through from iTunes, Spotify, Amazon, Pandora, YouTube, and Deezer. These are some of the biggest and most established digital entertainment companies in the world, but the traditional banks and financiers would not take you on. They perceived the music business as being very high risk.
From the 1st agreement we completed with Sound Royalties to present day, we have had nothing but smooth sailing. Managing Director, Evan Kaye, kept to his word of always being available for us. We can all get busy in this modern world, but that was one of the main things that helped us bring more business across to Sound Royalties.
In January 2020, we secured a round of independent record label funding to open our new recording studio, and the costs were reduced by close to 25% for the last agreement. Evan was able to do that due to the length of time we have been a client and the fact that all our royalty income streams kept growing. It was a constant cycle of success and reduced costs as we worked with Sound Royalties. More funding meant higher quality business for our company, and without knowing it, we were reducing our future funding costs. A win-win all around.
If you want to have a thinking team and funding solutions developed that cater for “outside” of the box solutions required for the music industry and that are not dependent on a credit rating and are solely based on your royalty income streams, then Sound Royalties are one of the best in the market.
They listen to you and go the extra mile to try and maximize the best funding options they can provide so you can focus on growing your business. For us, we have found our funding partner.
Start a conversation with them and see what happens. That’s what we did back in 2017, and we have never looked back.
Thanks, Sound Royalties, and we look forward to a very prosperous partnership for many years to come.”