Milestone Royalty Distribution Represents Major Growth in Digital Music Industry
WASHINGTON, June 18, 2012 /PRNewswire-USNewswire/ -- SoundExchange today announced it has reached a major milestone of $1 billion in digital royalty payments to recording artists and record labels since its inception. This accomplishment is just one reflection of the tremendous growth of digital radio, including new services and increased listenership. It also reflects SoundExchange's mission to help the music and creative community thrive.
SoundExchange is the non-profit digital performance rights organization that collects and distributes performance royalties from non-interactive digital music services on behalf of recording artists and labels. SoundExchange collects these royalties for satellite radio, internet radio, cable radio and similar services for the use of the sound recordings on these platforms.
In the first quarter of 2012, the organization distributed $108.6 million total royalties. This marks the first time SoundExchange distributions have exceeded $100 million in a given quarter, and is the result of increased collections as well as the enhanced data management and our improved technology platforms that have been, and remain, a high priority of the organization.
"I was pleasantly surprised when I learned that SoundExchange had a significant amount of money in digital royalties for my song played on digital radio over the past several years. I'm thrilled to be part of this $1 billion campaign, and hope to use this opportunity to bring awareness to other recording artists," said recording artist Jennifer Paige. "Every artist should know about this revenue source for digital streams - as this royalty is still not widely available to artists, specifically the singer of the song, on traditional AM/FM radio. Bottom line is, artists should register with SoundExchange in order to receive the royalties that are rightfully theirs."
SoundExchange represents both signed and unsigned recording artists as well as small, medium and large record companies (both indies and majors), which participate in this growing royalty stream.
"SoundExchange is proud of delivering one billion dollars to the creative community. This milestone reflects the fact that the digital music industry is evolving and will continue to grow," said Michael Huppe, president, SoundExchange. "We're optimistic about where the music industry is headed and see opportunity for SoundExchange to help both creators and digital music services thrive. We're proud of this achievement and everything we've done to ensure that this money makes its way into the hands of artist and labels."
Celebrate $1 Billion and Counting
To celebrate this milestone, SoundExchange is asking artists and labels from every generation and genre to mark this billion dollar achievement. Artists like Jennifer Paige are asked to share their videos on SoundExchange's YouTube page in an effort to encourage $1 billion more and continued support for digital royalty payments. Visit Facebook.com/soundexchange to view more stories and share yours.
SoundExchange is the non-profit performance rights organization that represents the entire recorded music industry. The organization collects statutory royalties from satellite radio, internet radio, cable TV music channels and other services that stream sound recordings. 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. SoundExchange has paid out more than $1 billion in royalties since its inception. For more information, visit www.SoundExchange.com.