When most artists sign record deals, they hand over these rights in exchange for an advancepayment, a smaller royalty of 10-15% on music sales and the prestige of recording an album for a major record label.
The answer is unequivocally yes and I am happy to announce that we will be initiating an advancepayment today to prefund the principal payment that is due in March 2013.
The amount of the advance royalty payment generally is subject to U.S. tax in the year received (but there would be no further taxable royalty income in years 2 and 3).