“The extent to which artists are benefitting from streaming is unclear”
Today’s emerging artists are likely to receive income from their touring activities, merchandise and sponsorship opportunities alongside their recording and publishing contracts. This combination of income streams and the irregular timing of when payment arrives can make it harder to enjoy the things that other people take for granted. Buying a home, for example, may be difficult for musicians who struggle to secure traditional finance.
At Coutts we recognise this and have worked with many artists in similar situations – including some of the industry’s best-known names. We work closely with their professional teams to understand their finances, strategies and goals.
Planning for financial security
While musicians may have a large entourage of people helping them on tour, when it comes to their finances they are often best served by a close-knit team that includes a lawyer, an accountant, their manager, and private banker. No musician can be sure how far they’ll go or how long their careers will last, but we can help to map out and implement a plan for long-term financial security.
At Coutts we deal with both the personal and commercial financial strategies of artists as part of a connected team. We help with the full range of financial requirements, which extends well beyond our banking services, to mortgages, investments, pension planning and much more.
UK music is a global export and the past four years have seen live music exports increase by 90%*. Managing global income streams is key for musicians and we can assist with everything from making personal spending abroad easier with our market leading multi-currency debit card, through to currency management strategies for touring and recording incomes. We also have a huge network of experts across the industry and can open doors to other professional advisers. Ultimately, we’re here to make sure that our clients’ finances run smoothly in the background so they can concentrate on their career.