How payments technology is boosting the bottom line for global touring artists

It’s been a huge year for music tours across the globe. While Taylor Swift was setting records for the most successful tour in history, Oasis brought Britain to a standstill with the announcement of their long-awaited reunion. Fans may only need to worry about securing tickets to see their favourite artists, but there’s an entire operation working tirelessly to ensure each tour runs smoothly - from booking hotels and transport to paying suppliers and managing merchandise sales and expenses. This intricate level of global coordination requires a supporting payment tech stack - the more efficient the stack, the better the tour’s margins. And artists are getting savvy.

Artists set out on their global tours with the expected thrill of performing live to their adoring fans. The reality is that a continuous demand for financial management plays out backstage and puts a lot of pressure on artists and their teams. The logistical and financial burden of handling payments in multiple currencies across different countries is a common occurrence for the team working to keep the show rolling.

Tour managers and accountants must work closely together to ensure that the tour's expenses are managed and administered effectively because any misstep could threaten the financial viability of the tour.

This is where sophisticated payment technology solutions can alleviate these pain points. By automating processes, minimising fees, and providing real-time financial insights, these tools can maximise profitability in the fast-paced world of touring.‍

Collecting payments with ease‍

For touring artists, the ability to receive payments directly from promoters and partners in a multitude of currencies is critical. Multi-currency accounts are instrumental in this regard, allowing UK musicians to coordinate their international payments and pay suppliers with ease. With the right provider, they can collect merchandise sales and pay their suppliers locally, avoiding foreign exchange (FX) conversion costs and streamlining the collection process - a welcome financial boost to any touring artist.‍

Spending wherever you are‍

Tour managers often juggle multiple financial responsibilities so having a solution that is easy-to-use, flexible, and reliable can be a game-changer. Multi-currency virtual or physical cards can be used across borders, drawing from the local currency balance automatically and avoiding international fees - a significant advantage for touring parties. Flexible limits and controls can ensure that spending is kept within budget and according to plan. Features, such as low balance alerts and multi-account views, also prevent the finance team from the unwelcome messages of cards being declined in the early hours of the morning because of insufficient funds.‍

Removing financial friction‍

The final act of any tour involves reconciling finances and ensuring that all expenses are accounted for. That normally means chasing those on tour for receipts for weeks, but mobile-friendly expense management solutions allow receipt uploads to be done in a matter of seconds from wherever you are. Additionally, auto-syncing with accounting platforms and the ability to upload and tag expenses saves time and reduces administrative burdens.

The integration of fintech solutions into the music industry is not a new concept - the challenge to date has been that solutions have not been built to support the global demands of touring and the wider creative industry. The rapid technological progress that we’ve seen in payments is now optimising the operational elements of these tours and supporting the creative potential of artists. By addressing the financial friction points that could hinder the smooth operation of global tours, artists can focus on what they do best – delivering unforgettable performances to fans globally.