Q1 Distributions Show Increase over 2019
WASHINGTON, D.C. – April 9, 2020 – SoundExchange today announced that it has distributed more than $7 billion in total royalties to music creators since its creation in 2003. This significant distribution threshold was passed during the first quarter of 2020. SoundExchange also announced that it distributed a total of $224 million during the first quarter of 2020, including payments in January, February, and March. This sum reflects a 1.5 percent year-over-year increase compared to SoundExchange’s distributions during the first quarter of 2019.
SoundExchange’s strong quarterly results reflect swift action taken by the company to maintain monthly distributions to as many as 200,000+ music creators during the COVID-19 pandemic. In March, President and CEO Michael Huppe sent a letter to SoundExchange payees in which he pledged to provide uninterrupted monthly royalty payments. The letter was sent in advance of SoundExchange’s March distribution that was completed two weeks ago.
“SoundExchange has always been a critical source of revenue for music creators, and especially now,” said 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.”
In addition to royalty payments, SoundExchange is providing additional resources to music creators. SoundExchange joined other music industry organizations in calling upon Congress to ensure that music creators would be eligible for federal financial assistance. As a result of this collective effort, music creators can access assistance provided in the recently enacted $2 trillion CARES Act stimulus package.
SoundExchange will continue to provide music creators with updates on its operations via email and through SoundExchange Direct, its online royalty management platform.