Disclaimer: These FAQs are meant to serve merely as guidance and consequently have no legal merit. They can also be subject to change without prior notice.
Who are Lyric Financial and Utopia Music?
Lyric Financial is a financial services company based in Nashville that specializes in providing financial solutions for music professionals and companies. Whether you are a songwriter in need of an advance, a publisher looking to build your catalog, producer or label needing working capital to develop a new artist, or an artist needing the funds to promote your record or support your next tour, Lyric is ready with a solution for you. To contact Lyric or learn more about us, email us at financialservices.support@utopiamusic.com or click the Submit a Request link at the top of the page.
Lyric Financial is a part of Utopia Music, a company using modern technologies to develop a new music ecosystem where artists get fair pay for every play of their music. The goal is to help everyone from PROs to Publishers, Artists to A&R by creating new revenue streams, consolidating data, and decluttering administration.
What is TuneCore Direct Advance?
With TuneCore Direct Advance you can request advances on your royalties or sales in less than a minute. As a music professional, you agree to sell a portion of your future royalties or sales at a discounted price to access that money now. It’s simple, safe and convenient. Your royalty account is charged for the advance (including the service fee), and TuneCore then automatically pays Lyric Financial from your account at the next distribution date.
How is TuneCore Direct Advance different from a loan?
Simply put, with a loan you are responsible for making the payments and your music is pledged as collateral. With TuneCore Direct Advance, you are not responsible for making payments - TuneCore does that for you, and there is no credit qualification.
Is the ownership of my music at risk?
No. The ownership of your music is never at risk. You are simply selling Lyric a portion of the royalties your catalog is earning.
How much money can I get?
You can request an advance equal to what Utopia projects you will earn over the next six months. This will be displayed to qualified users in our portal after clicking on the the widget from your distributor's site. There is a minimum advance amount of $250, and a maximum amount of $50,000.
Does my credit matter?
No. TuneCore Direct Advances are based on your catalog’s projected earnings - not your credit score.
How much does an advance cost?
Utopia Music charges a one-time fee for the transaction. When completing a royalty advance, the total cost that Utopia will recoup is displayed directly under the total amount you receive. There is no additional interest and no hidden costs.
How does the process work?
So how does it work? We receive 14 months of earnings history for your account from TuneCore, and then our algorithm makes a projection based on those earnings. The amount you are eligible to receive, as seen in our portal, is what we project you will earn within the next six months. We also charge a fee for the advance, which will also be displayed under Processing Fee. After entering the amount of the advance you are requesting, the amount you see in the field Advance Total is the total amount that will be recouped to us from your royalties.
After submitting your request, you will receive your money via a bank ACH transfer. If it's your first time taking an advance, we'll do a bank verification, which sends two very small deposits to your account for your confirmation. Once that's completed, the advance will be paid out to your bank account. So, if you are a first time customer and you take an advance today, you should have your money within a few days - pending the verification of your bank account.
Once you agree to take an advance, we collect your sales and streaming earnings from TuneCore until the total advance amount is repaid.
Important Factors to Consider
- We will collect your earnings until the advance is paid in full, which is anticipated at 180 days. However, if your earnings increase during the current period, your advance will pay off early; likewise, if you have a drop in earnings during the current period, it will take longer than projected to recoup the advance.
- Payments must be collected via TuneCore because their system puts an assignment in place on your account automatically, so we can't allow extra payments outside of your TuneCore sales, unless you would like to do a pay off of your total outstanding balance.
How soon can I get the money?
Generally, you should receive your money within 1-2 business days. ACH transfers can be initiated the same business day or next business day, depending on the time the advance was requested.
If it is your first time taking an advance, a bank verification will be needed. This is an additional step outlined here: How do I verify my bank account? The initial microdeposits to verify your account typically arrive 1-2 business days after your request. Once you receive those, you can verify the account, at which point the advance will be paid out. So, if you are a first time customer, you will receive your advance 1-2 business days after you complete the verification of your bank account.
Why can't I see the Request My Advance button in my TuneCore Account?
The "TuneCore Direct Advance" button will appear if you have been pre-selected for an advance by TuneCore. You can find the criteria for eligibility for the advance on TuneCore's site: https://support.tunecore.com/hc/en-us/articles/115006695368-TuneCore-Direct-Advance-Frequently-Asked-Questions.
If you don't see the button in your TuneCore account, but believe you qualify for an advance, please contact TuneCore's Customer Care team here: https://support.tunecore.com/hc/en-us/articles/115006501747. They can help you determine why the button didn't show for you on the TuneCore site.
Additional TuneCore Direct Advance Resources
https://www.tunecore.com/direct-advance
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