SoundExchange Announces Q2 Distribution Of $149 Million
Organization Also Announces Final 2012 Admin Rate Of 4.9%
July 9, 2013 at 8:01 AM (PT)
SOUNDEXCHANGE has released second-quarter 2013 payments of $149 million. The company noted "this quarter marks the organization's highest quarterly payment to recording artists and record labels to date with a 55% increase from the same quarter last year." In addition, the organization announced it achieved a final 2012 administrative rate of 4.9%.
"SOUNDEXCHANGE's most recent distribution is yet 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," said Pres./CEO MICHAEL HUPPE.
In total, SOUNDEXCHANGE notes it has paid more than $1.5 billion to artists and labels. These 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. In addition, SOUNDEXCHANGE works with more than 2,000 digital music services that rely on the organization to administer the statutory license for the use of sound recordings.