Dear Pump Audio Artist,
would like to thank you for your music and congratulate you on being
part of one of the fastest growing music licensing companies in the
world. Since the acquisition of Pump Audio by Getty Images, we continue
to hear praises from a wide expansion of our clients on the depth and
quality of our catalog and that is a testament to you.
plan for the future growth of our offering to the global music
licensing client base, we have determined that to fully support the
400+ person Getty Images sales staff and invest in marketing and
technology needs that we must make adjustments to the current revenue
split system. By making these changes, we intend to accelerate the pace
of our growth and achieve our goal of becoming the largest music
licensor in the world.
The new model will be as following:
1) Licensing fees will now be 35% to the artist, 65% to Pump Audio/Getty Images
This change will take place as of July 1, 2009. Any royalties payable
through June 30, 2009 will not be affected by this change
3) Performance royalty splits will remain at 50% of the publisher’s share
4) Those that don’t accept the new split will have their music removed from the system no later than December 31, 2009.
5) The rights you granted to us in the original contract do not change
If you have any questions, please email email@example.com.
Please sign the enclosed amendment and send back to:
Fax #: 845-757-5556
PO Box 458
Tivoli, NY 12583