Back in January, MBW estimated that SoundExchange’s lifetime payouts were approaching the $7bn mark. Today (April 9), that milestone became official.
The US performance rights organization has announced that it has distributed more than $7 billion in total royalties to music creators since its creation in 2003.
This significant distribution threshold was passed during the first quarter of 2020, according to the company.
SoundExchange, led by President and CEO Michael Huppe (pictured), collects royalties from the likes of Sirius XM for its artist and label members, as well as from other non-interactive internet radio, satellite radio and cable television services.
SoundExchange also announced today that it distributed a total of $224 million during Q1 2020, including payments in January, February, and March.
This sum reflects a 1.5% year-over-year increase compared to SoundExchange’s distributions during Q1 2019.
SoundExchange said today that its strong quarterly results “reflect swift action” taken by the company to maintain monthly distributions to as many as 200,000+ music creators during the COVID-19 pandemic.
In March, Huppe sent a letter to the organization’s payees in which he pledged to provide uninterrupted monthly royalty payments.
The letter was sent in advance of SoundExchange’s March distribution that was completed two weeks ago.
“Our entire team is committed to providing reliable monthly payments, particularly at a time when the music community is confronting the challenges posed by COVID-19, and we are on track for our April distribution.”
Michael Huppe
“SoundExchange has always been a critical source of revenue for music creators, and especially now,” said Huppe.
“Our entire team is committed to providing reliable monthly payments, particularly at a time when the music community is confronting the challenges posed by COVID-19, and we are on track for our April distribution.”
Music Business Worldwide
