Manchester, UK-based financial company Voly has announced the soft launch of a new integrated financial management software and payment platform for the music industry.
Voly – which has already seen success in the super-yachting sector with its FX services and accounting solutions – says that it has been working with a number of music industry companies and executives in recent months to develop its platform.
The company was founded in 2016 by former professional tennis player Ian Flanagan, a regular on the ATP tour having won the Junior Olympic gold medal for Great Britain.
To establish its specialist platform for the music industry, Voly has appointed Neil Rodford, the Founder and former CEO of management company YMU, to its board with a remit to oversee the company’s entertainment strategy.
Rodford became CEO at YMU in 2001 from his previous position of Managing Director at Fulham Football Club, leading a management buyout of the company in 2009.
During his tenure, he completed over 40 acquisition and sales processes, and under his stewardship, YMU went on to increase its enterprise value by over 500% before selling in 2018 for circa £130m ($175m).
Voly says that its platform is aimed at “simplifying and streamlining budgeting, accounting processes and reporting for artists, managers and business managers”.
Officially launching later this year, Voly has been designed to operate as an online, centralized financial hub for all artist income streams and expenditures with a focus on touring.
Voly will operate on a monthly subscription model and is already being trialed by several leading UK music companies. The company is also working with SJM to enhance the product from a live music promoter’s perspective.
In addition, Chris Vaughan a live music industry executive who has overseen global tours for Beyonce, Take That, & ELO amongst others is currently using the Voly platform on a number of tours this fall and is working alongside the company’s development team.
Voly is currently inviting applications to participate in a free trial for the remainder of 2021.
Chris Vaughan said: “I have been working with the Voly team to help them develop a platform that will add real value to those working in live music and have been impressed with how collaborative and willing to listen they have been.
“Launching an integrated system that brings together all of the key elements of reporting, reconciliation, and accounting is an ambitious project but they have created something that will help increase transparency, improves accuracy, and saves time, which is to be applauded.”
Ian Flanagan, Founder, and CEO of Voly added: “As we continue to consult with the music industry and test our platform, we are delighted that Voly is now active and being used in real-world touring situations.
“We have been successful in building solutions for superyachts and feel that we can make a real and tangible difference to the music industry.
“We are already working with some of the UK’s leading music executives and companies and are confident that we can provide an easy-to-use platform to alleviate some of the challenges the industry currently faces.
“With Neil Rodford joining our board to oversee our entertainment division and introduce us to his stellar network of industry professionals, we have built a platform that is easy to use and intuitive while offering state-of-the-art budgeting, accounting, cash, treasury, FX, and accurate, efficient reporting.”
Neil Rodford said: “I was blown away by what Ian and the team at Voly presented to me when I first saw it. What they have achieved in the superyacht sector in such a short period of time is extraordinary.
“Developing the platform for use in the music and wider entertainment sectors makes complete sense and as someone who has always sought to increase transparency and speed of reporting for artists, I can honestly say Voly will be a real gamechanger.
Added Rodford: “We have and will continue to consult widely and listen to what the music industry wants and needs. I am confident the platform will save artists money by allowing them and their representatives to make better choices faster.
“It will also materially increase the speed of financial reporting. The Voly team has delivered a platform that offers elegant, easy-to-use, and bespoke solutions for everyone working in the music space.”
(Except for the headline, this story has not been edited by The Finance World staff and is published from a syndicated feed.)
