Covid-19 has transformed the way in which content is consumed worldwide. With people working remotely, the demand for digital content has increased. Streaming platforms like YouTube and Spotify are witnessing accelerated growth . As music streaming grows in popularity, digital music distribution companies can capitalise on the opportunity to collaborate with more musicians, songwriters and content creators worldwide. However, cross-border royalty payouts remain a challenge for companies working with international artists.
Instarem is working with Euphoria Media Group to address this challenge by enabling seamless and cost-efficient royalty payments to musicians and digital artists worldwide. Founded in 2014, Euphoria Media Group is a music distributor and media company offering music artists and YouTube creators strategies to expand in the music and media content industry. Euphoria Media Group helps artists with digital distribution and copyright protection. Over the last 8 years, the company has connected to 50+ platforms and delivered content in more than 150 countries.
“We have clients around the world, and we have to pay out royalties to them every month. Before we reached out to Instarem, we used different international transfer methods but struggled due to high fees. Instarem is fast and low cost.”
– John Li, Global Business Development, Euphoria Media Group
Tedious and expensive cross-border payments
Artists want to receive their royalties instantly, without hassle. However, cross-border transactions come with their own set of challenges. Traditional cross-border payments are not only costly, but also time-consuming. A traditional cross-border payment system includes multiple intermediaries that incur different fees at every step . Given the complexity of the online music business, a convoluted payment system only intensifies the problem of receiving royalties for musicians.
Royalty payment risks involving fake artists and leaked music are another key challenge facing the industry today .Therefore, it is essential for royalty collectors to ensure payment security while working with singers and content creators overseas. Instarem provides businesses like Euphoria with risk protection tools for all transactions, so that payments are secure and can be tracked in real-time for any potential risk.
Lack of transparency of payments
Musicians want to keep track of their royalty earnings. Knowing where their royalty is coming from and when it will be received can be a huge advantage. However, the traditional royalty payment distribution process is outdated, giving artists no insight into the delivery time or the fees incurred . This can be challenging, especially for artists living in underbanked regions where local banks do not accept their preferred methods of payment.
Why did Euphoria choose Instarem?
Instarem’s innovative platform allows Euphoria to create a robust payment infrastructure for making instant royalty payouts to musicians and content creators worldwide. After integrating Instarem’s solution, Euphoria can now:
- Ensure timely payouts with 24/7 processing;
- Save on small payouts and cross-border payments;
- Enable multi-currency fund transfer to musicians and content creators with multi-pocket/wallet spend features; and
- Control FX conversion rates on cross-border transactions.
How can Instarem benefit other businesses?
Instarem allows Euphoria to send timely royalty payouts to their musicians, songwriters and YouTube creators. Here’s how your business can also benefit from Instarem’s payment solution:
Instarem’s network in over 100 markets, 65 in real-time, and a reach of over 3.21 billion people helps bridge currency borders, empowering SMEs like Euphoria Media to leverage global reach and tap into international growth opportunities. Businesses are able to unlock revenue streams in new markets, receive payments seamlessly and enhance their competitive edge. With the ability to send royalty payments faster, Euphoria Media can now boost its cash flow and achieve scalability.
Enhanced relationships with customers
Sending royalty payouts in the artists’ preferred currency becomes simple with Instarem. With Instarem’s Send solution, businesses can make payments in 60+ countries with access to major foreign currencies like USD, EUR, GBP, AUD, SGD and HKD. The ability to send fast payouts and keep track of all transactions with ease is an added advantage for businesses working with international artists.
Superior security over faster transactions
With Instarem’s secure payment rails, payouts are fast, unlike bank transfers. Instarem’s DSI compliant platform offers end-to-end encryptions for all transactions, so businesses can rest assured that their transactions are safe and protected against fraudulent activities.
“We wanted to find a quick international transfer method with lower cost and fast transfers. Instarem is very suitable for us. We pay HKD to Instarem, and their departments in other countries will pay different currencies to our clients. Therefore, the whole transaction process only takes about 10 minutes to be completed.” – John Li, Global Business Development, Euphoria Media Group
More about Instarem
Instarem is a leading digital cross border payments platform that enables consumers and SMEs to send and receive international money transfers conveniently and securely. With our network in over 100 markets, 65 markets in real-time, Instarem is setting a precedent in bridging currency borders by making global money transfers quick, easy, and cost-effective. We are a trusted licensed service provider with licenses in Australia, Singapore, Indonesia, Japan, Hong Kong, Malaysia, India, UK, US, EU, and Canada.