SoundExchange Crosses $1 Billion In Payments To Artists And Labels
June 18, 2012
Non-profit, digital performance rights organizaiton SoundExchange announces it has reached the milestone of $1 billion in digital royalty payments to recording artists and record labels. In the first quarter of 2012, the organization distributed $108.6 million total royalties. This marks the first time SoundExchange distributions have exceeded $100 million in a given quarter.
"SoundExchange is proud of delivering one billion dollars to the creative community. This milestone reflects the fact that the digital music industry is evolving and will continue to grow," said Michael Huppe, President of SoundExchange. "We’re optimistic about where the music industry is headed and see opportunity for SoundExchange to help both creators and digital music services thrive. We’re proud of this achievement and everything we’ve done to ensure that this money makes its way into the hands of artist and labels."
"I was pleasantly surprised when I learned that SoundExchange had a significant amount of money in digital royalties for my song played on digital radio over the past several years. I’m thrilled to be part of this $1 billion campaign, and hope to use this opportunity to bring awareness to other recording artists," said recording artist Jennifer Paige. "Every artist should know about this revenue source for digital streams - as this royalty is still not widely available to artists, specifically the singer of the song, on traditional AM/FM radio. Bottom line is, artists should register with SoundExchange in order to receive the royalties that are rightfully theirs."
SoundExchange represents both signed and unsigned recording artists as well as small, medium and large record companies (both indies and majors), which participate in this growing royalty stream. To celebrate this milestone, SoundExchange is asking artists and labels from every generation and genre to mark this billion dollar achievement. Artists are asked to share their videos on SoundExchange’s YouTube page in an effort to encourage $1 billion more and continued support for digital royalty payments.