Business

SoundExchange Crosses $7B In Royalty Distributions

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As the music industry reels from lost touring income, SoundExchange has some positive news on the streaming front today (April 9).

The rights management agency has officially surpassed $7 billion in total royalty distributions to music creators since its creation in 2003. SoundExchange -- which collects and distributes performance royalties for non-interactive digital music streams -- also announced that it handed out $224 million during the first quarter of 2020, reflecting a 1.5% year-over-year increase compared to its distributions in Q1 2019.

A representative for the agency said that in the most recent distribution, SoundExchange paid nearly 30,000 separate accounts, with more than half receiving $1,000 or less -- presumably artists who are relying on streaming income amid the coronavirus crisis.

SoundExchange proudly maintained monthly distributions during the pandemic, serving more than 200,000 creators over January, February and March. It also joined other music industry organizations to call upon Congress to ensure that music creators would be included in the recently-enacted CARES Act.

"SoundExchange has always been a critical source of revenue for music creators, and especially now,” said CEO Michael Huppe. “Our entire team is committed to providing reliable monthly payments, particularly at a time when the music community is confronting the challenges posed by COVID-19, and we are on track for our April distribution.”