SoundExchange Distributes $149 Million in Streaming Royalties
SoundExchange distributed a total of $149 million in streaming performance royalties to artists and their record labels in the second quarter.
That’s a 55% jump over the prior year’s quarter and the highest quarterly payment to date, according to the organization, which collects royalties on behalf of recording artists and master rights owners for the use of their content from satellite radio, Internet radio — including streams from AM and FM stations — cable TV music channels and other services that stream sound recordings.
In addition, the organization achieved a 4.9% administrative rate for 2012, one of the lowest worldwide, according to the nonprofit.
SoundExchange President/CEO Michael Huppe says the latest distribution is another positive indication of where the industry is heading. “More importantly, our low 4.9% admin rate means more money in creators’ pockets, and is a testament to our careful stewardship over this sector of the industry.”
Recording artists and record labels are encouraged to register with SoundExchange to receive their share of the growing digital music revenue stream. Those that also become a SoundExchange member can choose to have SoundExchange collect digital sound recording royalties on their behalf internationally.