SoundExchange Teams With MySpace To Handle Unpaid Royalties
January 25, 2010 at 4:33 PM (PT)
MYSPACE has signed a ground-breaking deal with SOUNDEXCHANGE to track down approximately 25,000 major, independent and unsigned artists owed more than $14 million in unpaid royalties. The deal was unannounced at the MIDEM conference in CANNES, FRANCE.
The MYSPACE platform will help put the artists in touch with SOUNDEXCHANGE, a non-profit-making performance rights organization that collects royalties for the streaming of music on Internet/satellite radio on behalf of sound recording copyright owners.
"The money will be put into escrow as we search for the acts," CEO OWEN VAN NATTA told AFP.
"It can be a challenge notifying and convincing artists to register with SOUNDEXCHANGE because they don't know they're entitled to these royalties, or believe it's too good to be true," said SOUNDEXCHANGE senior executive BRYAN CALHOUN.