SoundExchange celebrated its 10th anniversary with a record $170.4 million paid out to artists in the fourth quarter of last year, with a total all-time high of $590.4 million for the year, a 28% increase over 2012.
"I'm pleased to report a strong finish to an amazing year for SoundExchange, and for digital radio. We processed tens of billions of digital performances in 2013 reported by thousands of music services every month. This is further proof that consumers are streaming digital radio now more than ever," says SoundExchange president and CEO Michael Huppe. "We are ensuring that digital radio listening is being converted into a reliable revenue stream for music creators. We look forward to continuing our mission to support, protect and propel the music industry forward in 2014."
This announcement follows SoundExchange's decision back in January to make monthly, as opposed to quarterly, artist royalty distributions, claiming to be the first sound recording performing rights organization in the world to do so (and the one with the lowest administrative rates to boot, at 4.9% in 2012). Since its inception in 2003, SoundExchange has paid out nearly $2 billion to musicians and songwriters via over 2,000 Internet, satellite, and cable radio services.