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Business News Deals Labels & Publishers
The Orchard acquires RoyaltyShare, invests in Korrect
By Andy Malt | Published on Thursday 26 March 2015
The Orchard has acquired royalty processing service RoyaltyShare and invested in another, Korrect. The music distributor will now combine technology from both to offer improved royalty processing and collection to its label clients.
“We’re always looking for ways to free up our clients’ time to allow them to focus on the creative side of their businesses, whether it’s through performance right collections, sales and marketing, or premium video services”, says Orchard CEO Brad Navin. “Artist royalty processing is a natural extension of our end-to-end solution, particularly as it follows our philosophy of providing complete transparency from point of purchase to artist payment”.
Launched in 2005 in order to help overcome the “inherent difficulties faced by independent labels in transitioning to a digital world”, says CEO Steve Grady, RoyaltyShare counts over 90 indie labels as clients, as well as a number of book publishers.
Korrect, meanwhile, was originally launched as general accounting software in 2001, before switching to offer a software specifically aimed at processing the complex payments received from the likes of YouTube and Spotify.