10062765TrackShift for Record Labels (alpha)ClosedCollaborative R&DInnovate UKOur project addresses the challenges that independent record labels face in processing incoming revenue so that it can be distributed to artists, managing cashflow and optimising income by providing an analytics dashboard. Whereas companies and sole traders have the likes of Freeagent, Xero and Quickbooks to manage their income, there is currently no product that is capable of processing the complex revenue data that record labels receive when fans buy and stream the music that they release. This data comes in the form of a spreadsheet, tens of thousands of rows in length, detailing earnings from streaming and purchases on digital platforms, physical sales of CDs and vinyl, merchandise and fan donations. Typically, a label has three or more revenue streams - multiplying the complexity. The record label and artist will have a contractual agreement detailing the equity split of profits made from the exploitation of the artist's work by the record label. For example, a 50/50 split of profits after the record label has recouped the costs of production, distribution and marketing. Therefore, for every artist on a record label's roster, there will be a unique revenue split and balance of expenses. Again, the complexity is multiplied. This is currently managed by copy and pasting the outgoing/incoming revenue data into different spreadsheets, which (from our research) can take the label three days per month, which equates to one month per year. Our software will remove this time burden, giving labels more time to produce, distribute and market great music to their audience. It will also ensure that artists are paid quickly, accurately and transparently. The record label will save a month of time. The artists will be able to see their account balance with the label. Both parties will be able to see important analytics to help them understand where their earnings are coming from e.g. the countries and cities where they have the most fans. From our personal experience in the music industry, this level of reporting currently only comes from major record labels using enterprise level finance software which is unaffordable for independent record companies and, arguably, hard to use both for the labels and end users. Our innovative software will process the data nearly instantaneously, combining all the revenue sources into one clear and simple dashboard that empowers the label and artist to thrive in the complex age of streaming and big data.