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| Virtual Label |
| From the time that he brokered his first indie record deal in 1978, to the founding of Virtual Label in 2001, Peter Wright has worked in nearly every aspect of the music industry and has had a bird's eye view of the growing pains experienced with each new era of technology. |
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When LPs gave way to the cassette tape in the early '80s, Peter Wright was still using a pen and paper to track the shipments of physical products and calculate the royalties paid out to the artists and publishers. By the time the CD replaced the cassette in the early '90s, Wright and his indie label colleagues were using rudimentary spreadsheets to aggregate sales data and cobble together statements for their artists. When the iPod exploded onto the scene in 2001, CD sales were at their pinnacle and it was simply no longer practical to use physical methods in a digital world.
"It got to the point where one person at the record label would spend a week per client each month attempting to compile all of the disparate sales reports and enter them into spreadsheets," said Wright. "By the time of Virtual Label's launch, it was clear that management of royalties would be among the biggest challenges facing artists and record labels with the shift to digital distribution."
Realizing the traditional tools for distribution, promotion and accounting used by the major record labels were not suited to address the needs of independent artists in the new digital era, Wright established Virtual Label to provide services that would enable artists to build careers and maintain sustainable businesses. RoyaltyShare's backend royalty processing services provide the perfect complement for customers using Virtual Label's technology to manage physical and digital distribution.
"The biggest benefit that RoyaltyShare provides for our customers is the ability to process data and quickly turn around royalty reports," Wright explained. "Having visibility into all the sales channels also enables artists and labels to identify problems with retailers and swiftly rectify them. This improved efficiency and marketing intelligence transfers into major cost savings over the long term."
"The RoyaltyShare team is constantly looking at ways to improve the product based on customer feedback and the changing market landscape," said Wright. "They keep up to date with rapid changes in the dynamic digital music space which gives us the confidence that we're providing the best possible technology solutions for our artist and label customers." |
