SoundExchange To Collect Over $250 Million In Royalties In 2010
December 23, 2010 at 8:02 AM (PT)
SOUNDEXCHANGE has released its financials for 2009, which showed that it wrote royalty checks from airplay on Net radio, satellite radio and cable TV totaling 155 million to artists in 2009, up 55% from 2008 when it handed out $100 million. The L.A. TIMES reports that SOUNDEXCHANGE is expected hand out $252 million in royalties this year, according to its unaudited estimates.
Unfortunately, SOUNDEXCHANGE is still unable to locate literally tens of thousands of artists who deserve some of that money, so it sits idle while the organization tries to locate them. SOUNDEXCHANGE is confident that it's doing a better job at that.In 2009, it distributed 84% of the available royalties, up from 71% in 2008 and 28% in 2007. The goal for 2010 is to distribute 97% of the $260 million in has collected.