SoundExchange Claims $1 Billion Has Been Paid To Labels And Artists
June 18, 2012 at 3:41 AM (PT)
SOUNDEXCHANGE made it official TODAY (6/18) -- that it has paid out $1 billion to artists and record companies since its founding in 2000. Quarterly payments this year have exceeded $100 million.
"The way the industry is going, it is about multiple revenue streams, not just one," SOUNDEXCHANGE Pres. MICHAEL HUPPE told THE NEW YORK TIMES.
SOUNDEXCHANGE, which collects fees from satcasters and webcasters, collected a mere $15.6 million for the year that ended in MARCH 2004.
The TIMES notes, "SOUNDEXCHANGE's contribution is starting to make a difference. JAGJAGUWAR RECORDS, for example, whose acts include BON IVER and DINOSAUR JR., has made $95,000 from SOUNDEXCHANGE since 2007, according to its founder, DARIUS VAN ARMAN, who called the service 'an increasingly vital source of revenue.' He spoke in testimony last week before the U.S. Copyright Royalty Board, a panel of judges in WASHINGTON that sets the rates."