SoundExchange has announced it paid out $122.5 million in royalties in the third quarter of 2012, its largest quarterly payout ever. In 2012, SoundExchange has already distributed $326.9 million in digital royalties, passing the $292 million in royalty payments from all of last year. Billboard.biz reports that since SoundExchange was founded, it has distributed approximately $1.2 billion in performance royalties to artists and labels.
SoundExchange President Michael Huppe stated, "This distribution represents yet another record-setting quarter for SoundExchange, but means so much for the recording artists and record labels that rely upon this growing revenue stream. Musicians and rights owners -- both superstars and rising stars -- have come to depend on these royalty payments. We are proud to help facilitate this growth and are passionate about our work in protecting this revenue stream, and moving the music and creative community forward."