LabelGrid provide a cutting edge platform for collecting, splitting, and paying your artists and sub-labels. The accounting system option is available only on the Basic and Pro plans (or higher).
Reporting & Splitting
After each period is complete, we collect all royalties data from the shops and streaming services, and automatically parse and normalize this data into our system. If you have direct contracts with these outlets, you’ll need to provide the raw data to us manually or provide the logins so that we can fetch it for you. After the periodic data import process is complete, we create royalty statements for each label as well as each artist (grouped by label). This allows each label to pay each artist individually and keep the payables separated by label so that each label has their own accounting terms and splits for each artist. You also have the option of creating label groups so that sub-labels can share the royalties for a single artist and a single report can be sent for both labels in a parent/sister label type setup. Allowing both of these types of payment relationships (both spearate / sub-label and label group accounting), allows ultimate flexibility when doing reporting and payments.
Artist and Track Splitting
LabelGrid’s catalogue management suite allows you to mange royalties splits on a per track basis, but also has default split settings that you can set for each label. For example, if your label’s default agreement is to offer a 50/50 split for each artist, you can set this in your label settings, but then override this rate on a per track basis if you have a special agreement with a particular artist. Additionally, if you have a multi-artist release, these splits are split evenly between all artists on the track, but these are also configurable so that you could, for example on a track with 3 artists, you can give one artist 50% of the proceeds, and the other 2 artists 25% each. Then when it comes time to report, these splits would be calculated automatically and based on the money left over after the label’s cut is taken out.
LabelGrid offers an integrated reporting and payments system so that you can send out royalty statements in the form of autogenerated PDF’s and CSV’s with your own company’s branding applied. After the statements are approved you can optionally send the statements via email from our system or send the artist or label a login that allows them to view metrics, trends, and download their reports. They also get the option to update their PayPal or bank details and send you a payment request. Once you have received these payment requests you have full control of how and when to pay them via LabelGrid’s framework. The Send Payment option on LabelGrid provides a PayPal launcher which allows you to pay directly out of your company’s PayPal account, or if the payment recipient prefers a bank transfer, their bank details will be displayed allowing you to pay them via your bank or another service such as Transferwise.