SoundExchange Celebrates Major Milestone of $12 Billion in Distributions
SoundExchange Achieves Remarkable Distribution Milestone
SoundExchange, a leading music technology organization, has proudly announced a significant accomplishment—surpassing $12 billion in cumulative distributions to artists and rights owners since its establishment in 2003. This incredible milestone was achieved with the company’s 185th distribution, showcasing an impressive growth trajectory for the organization. The latest figures highlight that in 2024 alone, SoundExchange distributed over $1 billion to creators.
Successful Year and Significant Growth in Distributions
In the fourth quarter of 2024, SoundExchange made impressive strides by distributing approximately $248.6 million to music creators. This strong performance brings the total gross distributions for the year to an extraordinary $1.05 billion—a 4.9% increase compared to 2023. Michael Huppe, the President and CEO of SoundExchange, emphasized the organization’s dedication to enhancing the value of music and ensuring creators are compensated fairly.
A Community-Centric Approach for Creators
With over 700,000 registered creators, SoundExchange operates as a non-profit organization and serves the global music community by enabling digital service providers (DSPs) to fulfill their legal obligations to artists and rights owners. More than 90% of collections are processed and distributed within 45 days of receipt, ensuring prompt payments to creators. This efficiency establishes SoundExchange as the gold standard in the collection and distribution of digital performance royalties.
Advocacy and Support for Music Creators
SoundExchange is at the forefront of advocating for creators, successfully negotiating substantial increases in royalties over the past two decades. This includes dramatic percentage increases in royalties for satellite, subscription, and non-subscription services. Their commitment extends to legislative efforts in Congress, where they advocate for the American Music Fairness Act, aiming to secure better royalties for artists when their music is played on U.S. radio.
About SoundExchange
SoundExchange is on a mission to transform the music industry through technology, advocacy, and data-driven solutions. Formed in 2003, it operates as the only organization authorized by the U.S. government to manage the Section 114 sound recording license. SoundExchange tirelessly works to ensure that digital performance royalties are fairly distributed to a growing number of artists. Their proprietary tech solutions have successfully converted data into impactful revenue streams, resulting in over $12 billion paid out to date.
Frequently Asked Questions
What milestone did SoundExchange recently achieve?
SoundExchange recently surpassed $12 billion in cumulative distributions to artists and rights owners.
How much was distributed to creators in 2024?
In 2024, SoundExchange distributed a total of $1.05 billion to creators.
Why is SoundExchange important for music creators?
SoundExchange ensures that artists and rights owners receive fair compensation through efficient collection and distribution of digital performance royalties.
What kind of advocacy does SoundExchange partake in?
SoundExchange advocates for increased royalty rates and supports legislation like the American Music Fairness Act to secure fair pay for artists.
How does SoundExchange operate regarding payments?
SoundExchange processes over 90% of collections and distributes payments to creators within 45 days of receipt.
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