SoundExchange Announces Expansion into Private Copy Royalty Collection and Distribution
WASHINGTON, July 13, 2021 /PRNewswire/ -- SoundExchange today announced that it will expand its operations and begin collecting and distributing domestic and foreign private copy royalties, a function of the music industry which had previously been performed by the Alliance of Artists and Recording Companies (AARC). This step is part of SoundExchange's multi-year technology initiative centered on leveraging the use of data to streamline systems and increase efficiency across the music industry.
"We are committed to leveraging our best-in-class technology solutions to enhance the music ecosystem," said Michael Huppe, President & CEO, SoundExchange. "Expanding into private copy royalty collection and distribution is just one step in our mission to make the business of music simpler and more efficient for creators." SoundExchange plans to begin claiming international PC royalties in late 2021 and domestic PC royalties in February 2022.
AARC will distribute all available royalties it has collected since 2018 in a final distribution in late 2021 before it ceases operations. If you are an artist or sound recording copyright owner who has previously received private copy royalties from AARC and your payment or tax information has changed since 2018, please contact AARC at [email protected]. AARC will accept updated payment and tax information until July 31, 2021.
About SoundExchange
SoundExchange collects and distributes digital performance royalties on behalf of more than 250,000 recording artists' and master rights owners' accounts and to date has paid more than $8 billion in distributions. Through unparalleled innovation of financial tech products and services, it distributes royalties to creator groups, advocates for fair pay across platforms, and creates systems that improve how the industry operates. Its proprietary fintech solutions help turn data into accurate revenue for creators and include: Music Data Exchange (MDX) and International Standard Recording Codes (ISRC) Search. For more information, visit www.soundexchange.com.
SOURCE SoundExchange
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