Jun 22, 2021
WASHINGTON, D.C., June 22, 2021—SoundExchange today announced it distributed nearly $947 million in performance royalties to creators during the fiscal year 2020–a $39 million increase from 2019, marking a 4% growth year-over-year with an operating administrative rate of 5.3%. SoundExchange marks a new milestone, distributing nearly $8 billion in collections to creators since the company’s establishment in 2003.
SoundExchange collects and distributes digital performance royalties on behalf of nearly 250,000 recording artists’ and master rights owners’ accounts. Through unparalleled innovation of financial tech products and services, SoundExchange improves how the industry operates and is a critical advocate on behalf of creators everywhere.
“Music was among the industries hit hardest by the COVID-19 pandemic,” said Michael Huppe, President & CEO, SoundExchange. “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.”
At the onset of the pandemic, SoundExchange pledged to provide uninterrupted monthly royalty payments despite the ongoing challenges related to the COVID-19 pandemic. Through SoundExchange’s best-in-class technology infrastructure and early action taken by the company to work remotely, the company delivered on its promise.
“It is a testament to our technology and data systems and point of great pride that SoundExchange was able to continue to deliver on-time and seamless payments to creators throughout 2020,” said Huppe. “I’m especially pleased that last year’s payouts were so robust at a time when creators needed them the most. We will never stop innovating and expanding our financial technologies and services so that we can continue to be a trusted leader in the digital-first age of music.”
SoundExchange collects and distributes digital performance royalties on behalf of more than 250,000 recording artists’ and master rights owners’ accounts and to date has paid more than $8 billion in distributions. Through unparalleled innovation of financial tech products and services, it distributes royalties to creator groups, advocates for fair pay across platforms, and creates systems that improve how the industry operates. Its proprietary fintech solutions help turn data into accurate revenue for creators and include: Music Data Exchange (MDX) and International Standard Recording Codes (ISRC) Search. For more information, visit www.soundexchange.com.