Universal to waive unrecouped advances for eligible legacy artists

Yesterday (31 March), both Music Business Worldwide and Billboard reported that Universal Music Group introduced a new programme as part of its Annual Report 2021. The new programme will see the major label waive unrecouped balances on advances for eligible songwriters and artists signed to the label.

UMG's new programme follows in the footsteps of Sony Music's 2021 Legacy Unrecouped Balance Program, and a similar programme announced by Warner Music Group in February.

The report sees UMG state, "Continuing to build an industry-leading tradition of support programs for legacy artists, in 2022, UMG is proud to initiate a worldwide goodwill program for certain legacy featured recording artists and songwriters with unrecouped balances."

"By not applying their unrecouped advances to royalty statements for any period beginning January 1, 2022, eligible creators and their immediate heirs who have not received any payments since January 1, 2000, will begin receiving royalties, subject to certain conditions," UMG added.