SoundExchange Distributes $122 Million in Q3
SoundExchange has distributed a total of $122.5 million in the third-quarter to recording artists and record labels.
The sound recording digital performance rights organization says this quarter marks its largest payment to recording artists and record labels to date. The nonprofit collects and distributes performance royalties from noninteractive digital music services for artists and record labels for the use of their sound recordings.
SoundExchange President Michael Huppe says the dollar amounts mean a lot to the recording artists and record labels that rely on this growing revenue stream.
In total, SoundExchange has paid $326.9 million in 2012, which represents the first three quarters of 2012 and is $30 million more than all of 2011.
Since inception, SoundExchange has paid more than $1 billion in royalties to music creators.