Revenue collections crossed the billion dollar mark during the pandemic year
SoundExchange distributions grew 4.3% to $947 million in 2020 from $908 million paid out a year earlier to artists, record labels and other creators with points on master recordings.
Overall revenue collections totaled $1.003 billion in 2020, a 4.2% increase over $963 million pulled in for the prior year.
"Music was among the industries hit hardest by the COVID-19 pandemic," SoundExchange president & CEO Michael Huppe, said in a statement. "With venues shuttered and touring revenue effectively non-existent, digital royalties represented the lifeblood and primary income source for a large segment of the music industry."