Ingrooves unveils music royalty tools for labels

The tools are product extensions of the platform’s Register financial portal, and include Register Splits, which offers small labels a method to automatically split artists’ income, while Register Pro provides royalty accounting services to bigger labels that have more complex artist deals. Register Full-Service, meanwhile, enables labels access to Ingrooves’ team of royalty accounting professionals.

Ingrooves says it supports payments to more than 100 countries in various currencies and payment options. In the US, its royalty support, including US tax support to labels and their payees, is accessible with all three services.

“Our labels have been asking for accounting tools to help them with a wide variety of their needs and together this suite of services is the kind of flexible solution that can help literally any one of our clients, no matter what size or level of complexity of their business,” Ingrooves Music Group CEO Bob Roback said.

“Whether you’re a small single artist label or a more complex operation that deals in multiple markets around the world, these solutions are a powerful, seamless solution that can be leveraged within the Ingrooves ecosystem to make more efficient, timely and accurate payments to royalty earners.”

The news follows Ingrooves’ announcement in September that it was awarded a US utility patent for its invention of music marketing methods using AI and machine learning. The technology can detect shifts in significant audience engagement and high-value streaming audiences, identifying those who have a high likelihood of becoming long-term fans of individual artists.

The move adds to the growing number of financial software tools available to independent musicians and labels. In February, music tech startup CreateSafe launched a publishing simulator, which informs musicians about the deals available to them in music streaming.

Ingrooves was acquired by Universal Music Group in 2019. Since the acquisition, the platform has pursued an aggressive global expansion strategy establishing offices in Norway, Brazil, Turkey and Japan.

In January, the company made a foray into Africa by acquiring one of South Africa’s leading independent music distribution companies, Electromode, which boasts more than 200 artists and associated labels, including DJ Maphorisa’s New Money Gang (Scorpion Kings, Mas Musiq, Tyler ICU, Daliwonga), Piano Hub (Kabza De Small, Kelvin Momo) and Ambitious Entertainment (Blaq Diamond, Miss Pru, Malome Vector, Cici, La Sauce, Loyiso), among others.