SoundExchange Announces Largest Q1 Payment Ever With $117.5 Million Paid To Artists and Labels
April 16, 2013 at 6:59 AM (PT)
SOUNDEXCHANGE has announced a first-quarter 2013 distribution of $117.5 million. The organization notes this is the "largest first quarter payment to recording artists and record labels to date with a nearly 10% increase from the first quarter 2012 distribution."
SOUNDEXCHANGE distributed a record-setting $462 million to recording artists and labels in all of 2012.
Since inception, SOUNDEXCHANGE has paid more than $1.5 billion in royalties to the creators of music. In addition, SOUNDEXCHANGE now works with more than 2,000 digital music services that rely on it to administer the statutory license for the use of sound recordings.
"Our first quarter numbers show that this digital radio revenue stream is continuing to grow. We are pleased to see 2013 off to an incredible start for the creators of music," said SOUNDEXCHANGE Pres. MICHAEL HUPPE. "We are committed to making sure recording artists and record labels receive the compensation they rightfully deserve, and we are proud to help facilitate this growth that helps move the music and creative community forward."