Posted: November 19, 2012 at 7:38 am
SoundExchange today announced a third-quarter 2012 distribution of $122.5 million. This quarter marks the organization’s largest payment to recording artists and record labels to date. In total, SoundExchange has paid an unprecedented $326.9 million in 2012, which represents the first three quarters of 2012 and is $30 million more than all of 2011.
SoundExchange is the leading sound recording digital performance rights organization in the world, and its mission is to support, protect and propel the music industry forward. The non-profit organization collects and distributes performance royalties from non-interactive digital music services for artists and record labels for the use of their sound recordings. Since inception, SoundExchange has paid more than $1 billion in royalties to the creators of music. In addition, SoundExchange now works with more than 2,000 digital music services that rely on it to administer the statutory license for the use of sound recordings.
“This distribution represents yet another record-setting quarter for SoundExchange, but means so much for the recording artists and record labels that rely upon this growing revenue stream. Musicians and rights owners – both superstars and rising stars – have come to depend on these royalty payments,” said Michael Huppe, president, SoundExchange. “We are proud to help facilitate this growth and are passionate about our work in protecting this revenue stream, and moving the music and creative community forward.”
Recording artists and record labels are encouraged to register with SoundExchange to receive their share of this growing digital music revenue stream.