SERVICES
Innovative music administration service
Call on decades of royalty, administration, copyright and music industry knowledge
Imagine a team of royalty experts that fit hand in glove with your own team. That’s what you’ll have with our music royalty software and services. You can call on us to cover any gap in your current infrastructure for any period of time and take the mundane tasks out of the equation, so you can focus on the higher-level operation of your business.
We go even further with our additional knowledge in accountancy - we can help you integrate the royalty and ERP systems to ensure one single source of data entry – benefit from how the general/nominal ledger is structured to work with your recoupable costs, automatically generate journals from Korrect back to the ERP system, whether this is through flat files or API integration.
DATA MANAGEMENT
Korrect has many mechanisms for the ingestion of data. For instance; we go directly on to Apple’s servers to pull monthly files – in some cases reducing processing and reconciling times from days to minutes.
For YouTube, we have a number of methods depending on your data requirements, and we have a unique build that combines the raw and summary data files to give the most granular and subsequently transparent data feeds. No more reporting YouTube as worldwide income due to data sizes or system deficiencies. Spotify, Amazon and any other heavyweight digital service providers are also catered for.
Another standard way to ingest reported data files is through our templating system – we never want a client to have to manually manipulate any data file received and have more than 500 templates currently in play. Korrect holds every template ever requested, in case old files or catch-up data is received from any of the different sources.
Big and bulky files are never a problem – the speed of ingestion will depend on the level of solution you opt for, although even our entry-level service can upload million-line files within a few minutes. Our biggest ingestion for any current client consists of 35,000,000 lines per month, so scalability really does reach any level.
For YouTube, we have a number of methods depending on your data requirements, and we have a unique build that combines the raw and summary data files to give the most granular and subsequently transparent data feeds. No more reporting YouTube as worldwide income due to data sizes or system deficiencies. Spotify, Amazon and any other heavyweight digital service providers are also catered for.
Another standard way to ingest reported data files is through our templating system – we never want a client to have to manually manipulate any data file received and have more than 500 templates currently in play. Korrect holds every template ever requested, in case old files or catch-up data is received from any of the different sources.
Big and bulky files are never a problem – the speed of ingestion will depend on the level of solution you opt for, although even our entry-level service can upload million-line files within a few minutes. Our biggest ingestion for any current client consists of 35,000,000 lines per month, so scalability really does reach any level.
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DATA VALIDATION
Validation starts from the very beginning of data ingestion – with our reconciliation to the general ledger or cash book – all income is identified to the payments with any recharges or advances from Digital Service Providers (DSPs) noted. You can then pull any periodic journal for income recognition purposes, with the structure of the journal exactly how you want it aggregated for your accounting ledgers.
For instance, you can bring in iTunes, Spotify and YouTube each month during a quarter – our processes ingest, match and validate – then you can choose to extract an aggregated ledger journal for each DSP per month (or quarter) per artist per region (roll-up territories to main regions) and per format (group formats how you want), so the data is structured how your ERP/Accounting is designed to receive it. Korrect also has a royalty provision function so each extract for income recognition can be coupled with a provision for royalties too – your management accounts will always be up to date.
The biggest area of concern is usually from a matching perspective, with sub-Publishers and digital service providers using their own unique codes to report to you. This is a learning process within Korrect, with the intelligence built and retained so each new data feed becomes easier and easier with just new products and songs needing to be matched. We use IPI codes and writer details to help match at song or writer level, plus asset and video codes for DSP matching.
At the end of each stage of the process, the Korrect data management team can furnish your users with a suite of validation reports or your team can pull directly from the system.
For instance, you can bring in iTunes, Spotify and YouTube each month during a quarter – our processes ingest, match and validate – then you can choose to extract an aggregated ledger journal for each DSP per month (or quarter) per artist per region (roll-up territories to main regions) and per format (group formats how you want), so the data is structured how your ERP/Accounting is designed to receive it. Korrect also has a royalty provision function so each extract for income recognition can be coupled with a provision for royalties too – your management accounts will always be up to date.
The biggest area of concern is usually from a matching perspective, with sub-Publishers and digital service providers using their own unique codes to report to you. This is a learning process within Korrect, with the intelligence built and retained so each new data feed becomes easier and easier with just new products and songs needing to be matched. We use IPI codes and writer details to help match at song or writer level, plus asset and video codes for DSP matching.
At the end of each stage of the process, the Korrect data management team can furnish your users with a suite of validation reports or your team can pull directly from the system.
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Monitoring services
Korrect uses a combination of automated processes that highlights the data integrity and any manual intervention required.
We also have some standard queries that give warnings for any data discrepancies – these queries can easily be added to with custom scripts that can be written and deployed into any section of the system without a need for code change – so if you need to run a pre-defined query that is distinct to your business you can do so at the click of a button and add to any standard search/filter criteria in the system.
Korrect really does fit in with your business processes, being flexible in any way you need it to be.
We also have some standard queries that give warnings for any data discrepancies – these queries can easily be added to with custom scripts that can be written and deployed into any section of the system without a need for code change – so if you need to run a pre-defined query that is distinct to your business you can do so at the click of a button and add to any standard search/filter criteria in the system.
Korrect really does fit in with your business processes, being flexible in any way you need it to be.
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Royalty experience
Our team of consultants and experts have over 200 years of royalty experience combined. We cover all areas of publishing and recorded music including mechanical and regional differences too. Our team can help to interpret complicated contractual terms and configure Korrect to handle the complexity with out of the box solutions.
If there is a shortage in any resource on your side our team can help plug the gap by running the system on your behalf helping with the approval and authentication of each royalty run.
If there is a shortage in any resource on your side our team can help plug the gap by running the system on your behalf helping with the approval and authentication of each royalty run.
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Better serve your clients
We also offer access to Artist Serve, our proprietary portal, developed so you can offer your artists, songwriters, and rights holders’ complete transparency to your reporting.
The full-service platform puts your clients first so they can focus on their creativity, knowing their finances are being taken care of. You can even provide snapshot data so they can check in during a royalty period for updates on their financial performance and trending data – Building even better relationships with your artists and songwriters.
Artistserve.com