Soundexchange Announces Record $135 Million 4th Quarter Payments, $462 Million in 2012
SoundExchange announced today that it had paid out $462 million to recording artists and labels in 2012 including $134.9 million in the fourth quarter - the largest quarterly distribution in SoundExchange history. The total year-end royalty payments represented a 58% from the prior year and the Q4 distribution of 22,000 payments was a nearly 10% increase from its Q3 2012 distribution.
Royalties distributed by SoundExchange are paid by Internet radio, satellite radio and cable radio services for their performance of sound recordings. SoundExchange administration rate was 5.3% percent in 2011, which it says is among the lowest in the industry. 2012 admin figures were not final as payments are still being received.
SoundExchange's increasing annual royalty payments are a positive indication of where the industry is heading. As digital radio continues to grow, so should the amount that performing artists and rights owners receive for the use of their content," said SoundExchange President Michael Huppe.
Other 2012 milestones for SoundExchange
More than $1 billion in royalties paid to the creators of music since the organization's inception.
Reached thousands of artists and record labels through ongoing outreach and database matches with partner organizations such as BandPage, CD Baby, American Federation of Musicians (AFM) and The AFM and AFTRA Intellectual Property Rights Distribution Fund ("The AFM and AFTRA Fund").
Launched a new online platformfor registration and membership
Registration of more than more than 15,000 new artists, labels and rights holders.
Created a dedicated International department, and signed 10 new agreements for the exchange of royalties with foreign counterparts.
Increased capacities for processing royalty data and payments through technical overhaul that will continue throughout 2013.