SoundExchange First of Its Kind to Offer Artists and Rights Owners Monthly Performance Royalties
WASHINGTON, Jan. 14, 2014 /PRNewswire-USNewswire/ -- Beginning this month, SoundExchange will provide monthly royalties to artists, labels and rights owners signed up to receive electronic payments. Previously, SoundExchange sent royalty payments quarterly to its registrants, and is now the first sound recording performance rights organization in the world to offer monthly distributions. Most sound recording performance organizations in other countries pay only annually.
"While SoundExchange was already a market-leader with quarterly distributions, moving to monthly payments takes our service to the next level," said SoundExchange President and CEO Michael Huppe. "By making performance royalties available sooner, we are making it easier for recording artists and record labels to focus on creating the music we all enjoy."
Initially, monthly royalty payments will be sent to those that are signed up to receive electronic payments, and have royalties due of at least $250. Artists and labels that do not meet this minimum threshold will continue to be paid on a regular, quarterly schedule under the organization's existing guidelines. After the initial roll out period, SoundExchange will re-evaluate eligibility qualifications for its monthly payment program.
SoundExchange, which recently celebrated its 10-year anniversary, represents recording artists, rights owners and record labels from every type of musical genre. Since inception, SoundExchange has put nearly $2 billion into music creators' pockets. SoundExchange administers the statutory license for more than 2,000 digital music services that rely on it for the use of sound recordings.
SoundExchange is the independent nonprofit performance rights organization representing the entire recorded music industry. The organization collects statutory royalties on behalf of recording artists and master rights owners for the use of their content 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 from more than 2,000 services. SoundExchange has paid out nearly $2 billion in royalties since its inception. For more information, visit www.SoundExchange.com or www.facebook.com/soundexchange.