SoundExchange Ends Record-Setting Year With $462 Million In Total Distributions
January 16, 2013 at 7:02 AM (PT)
SOUNDEXCHANGE has reported a new record with total year-end royalty payments reaching approximately $462 million (up 58% from the prior year). The fourth quarter 2012 distribution also increased with more than 22,000 payments totaling approximately $134.9 million, a nearly 10% increase from its Q3 2012 distribution of $122.5 million.
The royalties are paid by Internet radio, satellite radio and cable radio services for their performance of sound recordings, and are distributed by SOUNDEXCHANGE to recording artists and record labels.
"SOUNDEXCHANGE's increasing annual royalty payments are a positive indication of where the industry is heading. As digital radio continues to grow, so should the amount that performing artists and rights owners receive for the use of their content," said SOUNDEXCHANGE Pres. MICHAEL HUPPE. "Our distribution represents another record-breaking year for SOUNDEXCHANGE, but more importantly, it means more money in the pockets of the creators of music. We're optimistic about the industry's future, and look forward to maximizing digital performance royalties for the people we serve and finding new ways to propel the music industry forward."