What is the difference between Label Banking and Personal Banking?

The Venice Music distribution platform offers several ways for independent label owners, independent artists, and artist managers to connect their banking information to receive master sound recording royalty payments directly to their own bank accounts.

• Label Banking: This is the default payment option and is recommended for use by the Venice membership account owner. Located on the Label Profile tab in the Settings section, this payment option is intended for independent label owners, artists who own and operate their own independent labels, or independent artist who may not have formally create a label business entity quite yet. Once you have connected the label banking information, all royalties assigned to the Label when entering the tracks splits will be deposited automatically to the connected bank account (all payment requirements must be met to process a royalty payment).

• Personal Banking: Located under the My Profile tab in the Settings section, this payment option is intended for use by an artist manager who may be owed a portion of master sound recording royalties and has a separate bank account from the label owner or artist.

Pro Tips:

• You may assign the same banking information to both the Personal Banking and Label Banking account if desired, the banking information does not need to be unique between the two payment options.

• If you receive a notification mentioning that more information is required for royalty payment, it is likely that you Label Banking option is not connected or requires additional information. To stop the notifications, access the Label Profile and complete the label banking onboarding process

• If royalty splits have not yet been decided or confirmed but you would like to set up banking information, connect using the Label Banking option as a default. You may always reset the bank account and add new banking information at a later date.

• If you are recouping royalties on behalf of an artist, set their splits to the Label Banking option and monitor their revenue earned month to month until the recoupable amount has been met. You may request an update to the split % directly with the Venice Support team to assign direct royalty payment to the contributor once the recoupable amount has been met.