WOODLAND HILLS, Calif., April 7, 2021 /PRNewswire/ -- Music Reports, Inc. ("Music Reports" or "the Company"), the world's most advanced music rights administration platform, announced today that it administered over $400 million in music royalties in 2020. Music publishing royalties paid out by the Company increased 50% over 2019, and individual royalty payment transactions increased by 16%, to more than 212,000 individual payments.
In addition, the Company announced that it added over 20 million distinct sound recordings and musical compositions to its Songdex® database in 2020. Songdex®, the largest independent registry of music copyright information in the world, now contains records of over 160 million unique sound recordings and musical compositions, enriched over 25 years from tens of billions of metadata records.
"Music Reports delivered tremendous value to the music ecosystem in 2020, processing over $400 million in music royalties that flowed through our trusted technology and payments platform to recording artists, songwriters, and their representatives – at a fraction of the cost of comparable administration services," said Dhruv Prasad, President and CEO of the Company. "The growth in payments from the previous year is also notable, representing the rapid expansion of our services in new international territories; our best-in-class content matching, which enable a high proportion of publishing royalties to be matched and paid out quickly; and finally the gravitational pull of our Songdex Marketplace™, where songwriters and music publishers can register their works, opt-in to direct licenses with global rights users, and receive timely payment of royalties, along with transparent and accurate reporting."
Music Reports administers royalties for over 500 customers, including the largest and most successful entertainment companies in the world, such as Spotify, Netflix, Peloton, and TikTok. Music rights holders who are interested in registering their works with Music Reports, or connecting to direct licensing offers from rights users in the Songdex Marketplace™, can learn more at www.musicreports.com.
About Music Reports® Music Reports is the leading independent provider of music rights data, administration, and management services in the world. The Company's proprietary and continuously updated music and cue sheet databases, Songdex® and Cuetrak™, deliver a full-service technology platform for advanced rights administration, royalty reporting, and payment settlement for the music industry. Music Reports was founded in 1995 and is based in Woodland Hills, CA. For additional information, please visit www.musicreports.com.