SoundExchange Announces Largest First Quarter Payment Ever with $117.5 Million Paid to Artists and Labels
WASHINGTON, April 16, 2013 /PRNewswire-USNewswire/ -- SoundExchange today announced a first-quarter 2013 distribution of $117.5 million. This quarter marks the organization's largest first quarter payment to recording artists and record labels to date with a nearly 10 percent increase from the first quarter 2012 distribution. SoundExchange distributed a record-setting $462 million to recording artists and labels in all of 2012.
Since inception, SoundExchange has paid more than $1.5 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.
"Our first quarter numbers show that this digital radio revenue stream is continuing to grow. We are pleased to see 2013 off to an incredible start for the creators of music," said SoundExchange President, Michael Huppe. "We are committed to making sure recording artists and record labels receive the compensation they rightfully deserve, and we are proud to help facilitate this growth that helps move the music and creative community forward."
SoundExchange encourages recording artists and record labels to register to receive their share of this growing digital music revenue stream. Those that also become a SoundExchange member can choose to have SoundExchange collect digital sound recording royalties on their behalf internationally.
SoundExchange is a non-profit digital performance rights organization that represents the entire recorded music industry. Its mission is to support, protect and propel the music industry forward. The organization collects statutory royalties from satellite radio, Internet radio, cable TV music channels and other services that stream sound recordings. Since inception, the organization has paid more than $1 billion to the creators of music. The Copyright Royalty Board, created by Congress, has entrusted SoundExchange as the only entity in the United States to collect and distribute these digital performance royalties for featured recording artists and master rights owners. For more information, visit www.SoundExchange.com or www.facebook.com/soundexchange.
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