SoundExchange Announces Largest Quarterly Payment To Artists And Labels To Date
November 19, 2012 at 8:14 AM (PT)
SOUNDEXCHANGE has announced a third-quarter 2012 distribution of $122.5 million. The company noted "this quarter marks the organization's largest payment to recording artists and record labels to date." In total, SOUNDEXCHANGE has paid an $326.9 million in 2012, which represents the first three quarters of 2012 and is $30 million more than all of 2011.
"This distribution represents yet another record-setting quarter for SOUNDEXCHANGE, but means so much for the recording artists and record labels that rely upon this growing revenue stream. Musicians and rights owners -- both superstars and rising stars -- have come to depend on these royalty payments," said Pres. MICHAEL HUPPE. "We are proud to help facilitate this growth and are passionate about our work in protecting this revenue stream, and moving the music and creative community forward."