Hopeless Records Revamps Its Payments Backend, Touts ‘Significantly Reduced’ Royalties-Management Workload
A streamlined payments process and straightforward tax compliance aren’t exactly punk – but they’re decidedly important parts of today’s increasingly complex music industry. In that spirit, Hopeless Records has triggered a serious payments backend upgrade.
The LA-based Hopeless Records tapped Toronto-based Trolley to help retrofit its payment backend, a tie-up that coincides with the label’s 30th anniversary. Since arriving on the scene, the Louis Posen-founded label has served as the professional home of Avenged Sevenfold, New Found Glory, Sum 41, Yellowcard, and a number of other well-known acts. Hopeless’ current roster features talent such as The Toxhards, Tigers Jaw, and Bayside, to name a few.
Now, bearing in mind the sweeping changes that have hit the music world since the label’s debut in the 90s, Hopeless higher-ups say they intend “to focus more on supporting their artists and community.” Enter the Trolley pact, which is said to be freeing up resources by streamlining both the label’s accounts payable and royalty-payouts processes.
This includes “crucial end-of-year 1099 filings,” the involved companies emphasized, pointing as well to ultimate advantages like a “significantly reduced” payments and royalties workload.
“Compared to spending two weeks cutting checks and handling various payments,” summed up Hopeless CFO Al Person, “using Trolley takes only about a day of my work. It’s a significant improvement.”
And regarding the once-off logistical considerations of making the jump to Trolley – the agreement also extends to Hopeless Publishing and the Sub City non-profit – Person described the process behind “porting over royalty payouts” as “very fast and easy.”
Shifting the focus to the other side of the deal, Trolley revenue VP Conor Cox touched on his company’s growing industry presence, with clients including but not limited to CD Baby, Songtradr, SoundCloud, and Latin-focused ticketing platform Tickeri at present.
“We’re seeing tremendous product-market fit across the music industry, particularly in spaces where companies are working closely with their artists,” weighed in the Trolley higher-up of nearly two years. “Partnering with Hopeless Records, a label that has continually championed its artists and community, is an exciting milestone for us.”
Without digging too far into the many features and technical specifics of Trolley, the platform per its website pays 1.5 million rightsholders, executes a cool 150,000 royalty payouts monthly, and now files north of 200,000 tax forms annually on behalf of artists.
