- This topic has 5 replies, 3 voices, and was last updated 1 week, 5 days ago by Sound Royalties.
- July 29, 2019 at 10:10 am #32766soundspotParticipant
Hope everyone’s having a great summer…
I’ve been getting some pretty aggressive contact from a company called soundroyalties.com
They look like they could be a predatory lending service using ‘royalties’ as a kind of easy bait for musicians… Then again they could be legitimate… Haven’t been able to find much out about them so I have no way of knowing currently…
Just wondering if anyone else here has been contacted by them, if so if anyone knows anything about them… To me it looks like a form of possible predatory-ish lending, but maybe I’m just being cynical… Would love to know if anyone knows anything about them, or if at least others have been getting contacted by them as well. Link below…
soundroyalties.com/July 29, 2019 at 10:42 am #32767Art MunsonKeymaster
Don’t know why you would call this a possible scam without knowing any details. Similar to https://www.royaltyexchange.com/ and they have been around for years.July 29, 2019 at 12:43 pm #32769MichaelLParticipant
Don’t know why you would call this a possible scam without knowing any details. Similar to https://www.royaltyexchange.com/ and they have been around for years.
This company seems to be offering to lend composers money based on their royalty income, which they state must be at least $5,000 per year to participate. Royalty Exchange, in contrast, has investors who buy your future royalties. It’s not a loan.
FWIW, Royalty Exchange had been pursuing me. I finally went through their catalog valuation process and to my surprise they offered me a nice amount of money.
BUT…when they realized that my catalog is production music (including TV theme music) they backed out. The reason they provided, is that they no longer consider production music to be “stable” and cannot recommend that their clients invest in it.August 20, 2019 at 4:08 pm #32898soundspotParticipant
Thanks for clarifying. The concern came from how aggressive they were… They got a hold of my number and left tons of voicemails. Emailed a bunch of times. Sent me multiple messages on linkedin, etc..
With the market in turmoil I found it hard not to view their aggressive pursuit through cynicism-tinted glasses… Either way, assuming they’re the same overall thing it seems like it would be a moot point since I do purely production music… Thanks again.September 29, 2021 at 9:51 am #38979Bobby MessanoGuest
I’ve been in a four year contract with them for awhile and somehow it keeps getting changed. It now ends in 2024. I travel a lot as a pro touring musician and was making some okay money in Sound Exchange royalties. To my recollection (And I am searching for my files) I started with them in maybe 2016 with about a $5000 loan against my royalties. I re-upped my contract twice, but for the life of me, I do not remember getting getting multiple tens of thousands of dollars in advances. I thought the total was around $20 thousand….My royalties from SE have seriously dropped with less airplay, but my statements are saying I STILL owe them over $25000. This makes no sense to me. My total due them through the end of my contract is over $33000…How is this at all possible?? I really thought they were on the up and up, but this is like a Vig to the Mafia…Might be time to lawyer up for me.October 13, 2021 at 6:32 am #39020Sound RoyaltiesGuest
After approaching Sound Royalties in 2016, Mr. Messano has been a repeat customer that we have always been happy to help. Like all of our customers, Sound Royalties provided a clear one-page summary sheet which explained exactly the royalties he was exchanging for the purchase prices he received. Additionally, Mr. Messano confirmed both verbally (recorded phone call) and in writing that he understood the terms of his transactions. Five days ago, our representative spoke to Mr. Messano on the telephone, and he once again confirmed that he understood the terms of his transactions, and he asked if Sound Royalties could provide him with additional financing, but unfortunately, he does not qualify for any additional funds at this time. Sound Royalties remains willing and able to have additional conversations with Mr. Messano regarding his transactions.