SoundExchange Announces Largest Quarterly Payment To Artists And Labels To Date

SoundExchange announced a third-quarter 2012 distribution of
$122.5 million. This quarter marks the organization’s largest payment to
recording artists and record labels to date. In total, SoundExchange has paid an
unprecedented $326.9 million in 2012, which represents the first three quarters
of 2012 and is $30 million more than all of 2011.

SoundExchange is the
leading sound recording digital performance rights organization in the world,
and its mission is to support, protect and propel the music industry forward.
The non-profit organization collects and distributes performance royalties from
non-interactive digital music services for artists and record labels for the use
of their sound recordings. Since inception, SoundExchange has paid more than $1
billion in royalties to the creators of music. In addition, SoundExchange now
works with more than 2,000 digital music services that rely on it to administer
the statutory license for the use of sound recordings.

“This distribution
represents yet another record-setting quarter for SoundExchange, but means so
much for the recording artists and record labels that rely upon this growing
revenue stream. Musicians and rights owners – both superstars and rising stars –
have come to depend on these royalty payments,” said Michael Huppe, president,
SoundExchange. “We are proud to help facilitate this growth and are passionate
about our work in protecting this revenue stream, and moving the music and
creative community forward.”

source: http://www.mi2n.com/press.php3?press_nb=159507

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