Business Manager Recommended: HIFI Is Helping Artists Sort Out Their Accounting

The startup HIFI is offering to help solve an unlikely mystery for music’s top artists and their business managers: how much money they’re actually making.

2/23/2021 6:32:00 PM

The startup HIFI is offering to help solve an unlikely mystery for music’s top artists and their business managers: how much money they’re actually making.

The startup HIFI is offering to help solve an unlikely mystery for music’s top artists and their business managers: how much money they’re actually making.

Damian Manningis expanding access to its service called “Cash Flow” that allows artists to get paid a salary twice a month based on their expected royalty income for the year. He’s also trying to shop HIFI Enterprise, a version of the royalty dashboard designed for artists signed to major record labels, though getting the major labels to allow HIFI to access their data presents a serious challenge.

NASA Announces New Associate Administrator Conservatives Criticize Local Preschool For Silencing Right-Wing Animal Voices Video shows tiger in front yard of Houston neighborhood

“We initially built the solution to service indie artists, and indie artists' managers and their teams,” Manning said in an interview over Zoom. “What we've discovered is the artists in the major label system, the managers in the major label system, major publishing system, had the same set of challenges they're looking for solutions for.”

The three major record companies declined to comment for this story.Currently, HIFI’s “Cash Flow” service works by rerouting an artist’s royalty revenue from labels, publishers, and distributors through the company's coffers, allowing HIFI to analyze how much an artist is expected to make throughout the year, and adjust compensation accordingly. headtopics.com

Mercuriadis Rising: Meet the Man Songwriters Love and Publishers Fear“[Cash Flow] looks at the pipeline and historical earnings of given artists, and forecasts what they're going to be earning over the next rolling 12 months,” Manning says. “Then we guarantee a payment to them that arrives every two weeks, no matter what. If they earn more than we guarantee, we pass through the rest as a bonus, and they can cancel at any time.”

HIFI charges a 2% administration fee for use of Cash Flow but does not charge a fee for access to its standard royalty dashboard. (Enterprise partners will be charged a fee, which HIFI has not disclosed.) Business managers around the industry say Cash Flow and products like it will provide artists with more leverage and flexibility as they move throughout their careers, and HIFI says there is strong demand -- even from major artists.

“The idea that someone who’s big doesn’t ‘need the money’ -- I don’t think it’s a question of needing the money, it’s not wanting someone else to be holding your money,” saysAndrew McInnesDiplo’s manager and CEO of TMWRK Management, who notes the business managers he works with have embraced HIFI. “Anything that makes a business on the scale of Diplo more efficient is good for me, it’s good for Diplo, and it’s good for his business manager.”

“Getting a big check for publishing every two years is not conducive to setting up a good financial flow for anyone,”Mike Merriman Read more: billboard »

Hit by COVID, Senegal's women find renewed hope in fishing

BARGNY, Senegal (AP) — Since her birth on Senegal’s coast, the ocean has always given Ndeye Yacine Dieng life. Her grandfather was a fisherman, and her grandmother and mother processed fish. Like generations of women, she now helps support her family in the small community of Bargny by drying, smoking, salting and fermenting the catch brought home by male villagers...

😎 its a shame bc this looks like an interesting article ah