WASHINGTON, Jan. 28, 2015 /PRNewswire-USNewswire/ -- SoundExchange today announced a new record with total year-end royalty payments reaching approximately $773 million (up 31 percent from $590 million the prior year). The fourth quarter 2014 distribution also increased from the previous year with more than 38,800 payments totaling approximately $183 million. In addition to breaking records with its payments, SoundExchange also moved the industry forward in 2014 in many other important respects.
"2014 was a banner year for SoundExchange. Not only did we pay out more royalties to recording artists and record labels, but they now receive payments faster than ever after we became the first sound recording performance rights organization in the world to deliver monthly payments," said SoundExchange President and CEO Michael Huppe. "While 2014 finished on a high note, we look forward to continuing our success and growth in 2015 which promises to be even more exciting."
SoundExchange royalties are paid by more than 2,500 non-interactive Internet radio, satellite radio and cable radio services for their use of sound recordings.
Significant organizational accomplishments in 2014 included:
- Launching Project72, a campaign to ensure fair pay for artists who recorded their music before 1972, in support of the RESPECT Act.
- Issuing quarterly Digital Radio Reports. For the latest (Q4 2014), click here.
- Hosting the brand new SoundExchange Influencers Series at the Bluebird Café in Nashville.
- Reaching thousands of artists and record labels through ongoing outreach as well as several high-profile and effective database matches with partner organizations such as SXSW, CMJ, GRAMMYS, SAG-AFTRA, LOCKN' Music Festival, and School Night!
- Announcing Michael Huppe as President and CEO through 2018.
- Introducing our annual year-end charts naming the Top Streaming Artists, Top Recordings, and Top Breakout Artists.
- Representing the entire recorded music industry in proceedings before the Copyright Royalty Board to set rates paid by webcasters.
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 on 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 2,500 services. SoundExchange has paid out more than $2 billion in royalties since its inception. For more information, visit www.SoundExchange.com or www.facebook.com/soundexchange.