From the Wires
SoundExchange Ends Record-Setting Year with $462 Million in Total Distributions
By: PR Newswire
Jan. 16, 2013 09:30 AM
Fourth Quarter 2012 Distributions Increase to $134.9 Million
WASHINGTON, Jan. 16, 2013 /PRNewswire-USNewswire/ -- SoundExchange today announced a new record with total year-end royalty payments reaching approximately $462 million (up 58 percent from the prior year). The fourth quarter 2012 distribution also increased with more than 22,000 payments totaling approximately $134.9 million, a nearly 10 percent increase from its Q3 2012 distribution of $122.5 million.
The royalties are paid by Internet radio, satellite radio and cable radio services for their performance of sound recordings, and are distributed by SoundExchange to recording artists and record labels.
"SoundExchange's increasing annual royalty payments are a positive indication of where the industry is heading. As digital radio continues to grow, so should the amount that performing artists and rights owners receive for the use of their content," said SoundExchange President Michael Huppe. "Our distribution represents another record-breaking year for SoundExchange, but more importantly, it means more money in the pockets of the creators of music. We're optimistic about the industry's future, and look forward to maximizing digital performance royalties for the people we serve and finding new ways to propel the music industry forward."
Also in 2012, SoundExchange made several significant organizational enhancements and accomplishments, including:
SoundExchange maintains one of the lowest administrative rates in the industry, with an administration rate of 5.3 percent in 2011. (Note: 2012 admin figures are not final as payments are still being received.)
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