Starting this week, we’ll be sharing our progress on getting payments out by mid-February.
This is a multi-step process to update and verify the information in the Materia Dashboard, our music royalty accounting software.
This week, our focus is Step 1: Data Entry and Review.
Jan 26, 2021 · 7:25 PM UTC
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Part 1A: Project Recoupables and Products
This side focuses on the costs involved with making an album (such as recording and manufacturing costs), and the products that are sold related to an album (CDs, vinyl, digital albums, etc.)
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This area has often fallen behind, partly because manufacturer invoices can take months to arrive. Right now we are entering any outstanding information and double-checking everything that has been entered in the past, so that we can know how much money each album has made.
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Part 1B: Revenue Splits
Some projects have just one artist involved; some projects have many. We're verifying that all of the revenue splits for every album are up-to-date so that when we push the button to pay people, the money goes to the right people for the correct amounts.
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Alongside these steps, we are verifying artists' payment information and onboarding more people to the Materia Dashboard. Artists who have questions about their account access or information
- please email 📧 artists@materiacollective.com and we'll process as soon as we can.
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Once that's done, we will move on to Part 2, when we run the actual royalty reports. Of course we'll run everything for the current accounting period (for mid-February), but we also want to run reports for prior periods just to catch any past errors.
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The final step is paying artists. All of the work up til this point is to make sure we know how much to pay and who to pay the money to. When we're sure of that, payment is simple and very fast (as long as we have up-to-date payment information for our artists).
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We have made this our number one priority, and our entire team has been training on how to use the Materia Dashboard to help with this. We have our mid-February goal in sight and are doing everything we can to make it happen.
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