‘Centtrip is a pacesetter within the music business. Our plans mirror that.’
With a powerful mission and an enviable observe document, one of many music business’s key monetary providers companions is now constructing its enterprise in North America.
With over 800 of the world’s high touring artists on its books, UK-born Centtrip has been on the coronary heart of managing cash for international artists for nearly a decade.
These purchasers embody 50 Grammy Award winners and 9 out of ten of the UK’s high international stars.
Invoice Tannenbaum, Managing Director, Gelfand, Rennert & Feldman, stated: “Gelfand, Rennert & Feldman helps the world’s most celebrated artists and musicians. The Centtrip card supplies us with full and on the spot monetary readability for artists’ tour accounting whereas Centtrip’s international change experience helps us maximize worldwide cashflows for our purchasers.
“Like GR&F, Centtrip prides itself on integrity and deep, long-term, enterprise relationships making it our go-to accomplice for each facet of artists’ funds and FX wants.”
Centtrip, which runs workplaces within the UK, Europe and the USA, is quick approaching its tenth anniversary in 2023.
Right here, Centtrip’s Director of Music, Movie and Leisure Freddy Greenish discusses the agency’s future plans – and explains why Centtrip prides itself on service excellence and on the long-standing relationships it has constructed with artist managers, enterprise managers, accountants, document labels and publishers throughout the music business…
Are you able to clarify what Centtrip does and the way it helps artists and their administration?
Issues transfer quick within the music enterprise, particularly throughout touring, and getting issues accomplished is usually about getting issues paid shortly and seamlessly. That’s the place we assist.
The Centtrip platform is extremely safe and provides purchasers real-time visibility and management over their cash, wherever they’re. Purchasers can entry a number of impartial or associated accounts the place they’ll deposit funds, change, ship or spend. That implies that a enterprise supervisor can have separate accounts for every of their purchasers.
Our playing cards are used lots by touring artists as a result of it empowers these on the highway to take care of any issues or alternatives they face whereas the administration group retains real-time visibility and management over all the pieces. Funds will be transferred to and from playing cards immediately. Playing cards may also be locked or unlocked immediately.
Purchasers management their playing cards from the platform, setting particular person card limits and alerts and controlling options reminiscent of entry to ATM withdrawals.
The Centtrip app consists of expense administration and money administration performance that enables cardholders to tag transactions, seize receipt pictures and allocate bills to account codes which can be pre-set by the shopper. That method nothing will get misplaced or forgotten about.
Purchasers may also change between currencies and ship single or batch funds, domestically or internationally. Our document label purchasers usually use this for his or her common royalty funds.
Why have you ever expanded Centtrip into North America?
It’s demand-driven. We’ve a confirmed observe document within the UK and Europe. As touring is coming again to pre-pandemic ranges, it’s the excellent time for us to take our expertise and success into the world’s largest music and leisure market.
Moreover, we have already got longstanding relationships with many huge US artists, usually supporting their world excursions and so they’ve been asking for a similar service within the US.
“It’s the excellent time for us to take our expertise and success into the world’s largest music and leisure market.”
We established Centtrip Inc., the US enterprise, in 2021 and we’re working with main American banking and monetary providers companions. A US-incorporated artist will be serviced by Centtrip Inc. and if they’ve a UK or European entity, we will service them by way of their UK/European entity.
No matter our purchasers choose, they’ll entry their US and European accounts from the identical, single login. It means we will supply larger selection and suppleness to all our purchasers.
What does Centtrip supply US artists that they don’t get from their current banks?
We’re a accomplice to established banking relationships, however we offer larger visibility and management mixed with knowledgeable service excellence.
So, if a shopper has an issue or only a easy query, they gained’t be funneled right into a generic, “enterprise help” group. They’ve entry to a devoted account administration group who understands the music business and the distinctive challenges they face. And, our providers are tailor-made to these distinctive necessities. For instance, our playing cards supply the best transaction and month-to-month spending limits within the enterprise. We are able to difficulty as many playing cards as required for a tour – 200 or 300 playing cards is just not uncommon in the event that they’re additionally used for per diems – and if playing cards get misplaced or personnel change, we will shortly ship replacements to wherever they’re required.
Our foreign money dealing service works in the identical method. We may help purchasers decrease danger and maximize their returns with an efficient international change technique. That’s helpful on the budgeting stage of a world tour, making funds all through, or on the finish, repatriating tour receipts with out shedding giant sums in change charges.
Centtrip is well-established in Europe – 10 years and over 800 artists – however it’s a newcomer within the US market. Is the US enterprise rising as you anticipated?
Sure, very a lot so. We’ve been in a position to construct on established relationships with UK purchasers and we’re already working with a number of main US artists, artist managers and main enterprise administration corporations.
Does Centtrip function in different sectors as nicely?
Sure, our mission is to seamlessly join the world’s most glamorous cash for probably the most dynamic companies. We’re targeted on offering multi-currency treasury and expense options to organizations that transfer world wide. So, exterior of music we help Actors, Movie and TV studios/productions corporations, sports activities groups, tremendous yachts administration corporations, household workplaces and extra.
Centtrip now has workplaces within the UK, Europe and in america. What are your plans for the remainder of the world?
Music and leisure is a world enterprise and we plan to be wherever our purchasers want us. Our first US workplace is in Florida and we’ll be opening workplaces in New York and LA within the new 12 months. I’ll quickly be relocating to New York the place I’ll divide my time between there, London and LA.
We’ll most likely begin with three US workplaces and develop from there. After that, we see an enormous alternative in Canada after which the remainder of the world.
Centtrip is a pacesetter within the music and leisure business and our enlargement plans mirror that. Watch this house.Music Enterprise Worldwide