Complete Guide to Taxes in Florida
Find out about tax rates, exemptions, and how to stay compliant with Florida’s tax requirements to maximize your benefits.
The music industry has experienced continuous growth, reaching its seventh consecutive year of increase in 2023. According to the BBC, global music revenues grew at the fastest rate in over two decades, reaching nearly $26 billion. This growth included the first increase in CD sales in the streaming era and 523 million paid subscribers to services like Spotify.
Claiming your song royalties is essential to ensure you get paid for your creative work. In this blog, we’ll explain how different platforms pay, how you can receive your payments, which platforms are most commonly used for receiving payments, and how having a business in the United States can benefit you.
To receive your royalty payments, it’s essential to work with a music distributor that distributes your songs on streaming platforms. Some of the most popular include:
Joining a rights management society is crucial for claiming public performance royalties. These organizations collect and distribute royalties when your music is played on the radio, television, and other public media.
Creating a business in the United States, such as an LLC, can offer significant tax benefits. Income taxes can be lower compared to many Latin American countries, allowing you to retain more of your earnings.
Having a business in the U.S. allows you access to a wide range of financial services, including business bank accounts and lines of credit, which can be difficult to obtain in other countries.
A business registered in the United States can increase your credibility and trust among business partners and streaming platforms, facilitating collaborations and licensing agreements.
With a business in the U.S., you can simplify receiving international payments, avoiding high transfer fees and long wait times.
Claiming your song royalties is a crucial step to ensure you get fair pay for your creative work. Understanding how different streaming platforms work, how to receive your payments, and the benefits of having a business in the United States can make a significant difference in your income as an artist. By professionalizing your music career and protecting your rights, you can focus on what you love most: creating music.
At Prodezk, we offer personalized service at every step of the way, ensuring a hassle-free experience in the U.S.