WASHINGTON, March 27, 2024 /PRNewswire/ -- SoundExchange, the premier music tech organization powering the future of music, today announced it has reached a new cumulative distribution milestone of $11 billion in digital performance royalties since its inception in 2003.
SoundExchange achieved this milestone in March 2024 with its 174th distribution of payments to creators and rights holders. The achievement comes just one year after the organization celebrated reaching the $10 billion cumulative digital royalties milestone – which coincided with SoundExchange's 20th anniversary – and just two years after reaching the $9 billion mark.
"We continue to be driven every day by the guiding principle of putting more money into the hands of creators and rights holders," said Michael Huppe, President and CEO of SoundExchange. "The continuing growth in royalty distributions to a billion dollars a year is reflective of a healthy digital music ecosystem, but it's not something we take for granted. Our dedication to the community of creators we serve is unshakable, and we will continue to advocate tirelessly for artists to receive fair and equitable compensation for the use of their work on all platforms."
Since 2003, SoundExchange has enabled digital service providers to meet their obligations and advocated to ensure creators are properly compensated for their work in the digital age of music. The company fiercely advocates on behalf of creators before the U.S. Copyright Royalty Board, where it has achieved increases of 711% for satellite royalties, 294% for subscription royalties, and 215% for non-subscription royalties over the last 20 years.
SoundExchange's advocacy for creators also extends to Congress, where the company leads the push for the American Music Fairness Act, legislation to end the century-old injustice of not paying performers when their music is played on broadcast radio, and is an outspoken contributor to ongoing discussions lawmakers are having around artificial intelligence and how it could affect creators and their livelihoods.
About SoundExchange SoundExchange is the premier music tech organization on a mission to power the future of music. It was independently formed in 2003 to build a fairer, simpler, and more efficient music industry through technology, data, and advocacy. The only organization designated by the U.S. government to administer the Section 114 sound recording license, SoundExchange collects and distributes digital performance royalties on behalf of 650,000 music creators and growing. Through proprietary music tech solutions that turn data into accurate revenue, SoundExchange has paid more than $11 billion in distributions to date. For more information, visit soundexchange.com.
SOURCE SoundExchange
Originally published at https://www.prnewswire.com/news-releases/soundexchange-celebrates-11-billion-royalty-distribution-milestone-302100638.html Some images courtesy of https://pixabay.com
