Good Business Pays’ Fast Payer Award 2023 for Sony Music
For the second year running, Sony Music Entertainment has earned a Fast Payer Accreditation Award.
The Good Business Pays campaign launched in May 2021 to encourage the UK’s largest companies to bring an end to slow and late payments. Good Business Pays give Fast Payer Accreditation Awards every year to eligible companies based on their payment terms to suppliers. To qualify as a Fast Payer, companies need to pay their suppliers in less than 30 days (on average) and pay over 95% of their invoices on time over a rolling 12-month period. Only around 8% of the 5000 or so companies that report meet the criteria for this award.
Chris Crellin, Sony Music Entertainment CFO, said: “Prompt payment to our suppliers is of paramount importance to Sony Music UK as it aids a smooth route to market for our artists. Our network of suppliers ranges from sole traders to large companies that contribute to our artists’ journeys and we are committed to prompt payments to assist in cashflow management during challenging times.”