SoundExchange reported it distributed nearly $947 million in performance royalties to creators during the fiscal year of 2020. This marks a $39 million increase from 2019, showing a 4% growth year-over-year with an operating administrative rate of 5.3%.
This signals a new milestone with SoundExchange distributing nearly $8 billion in collections to creators since the company was established in 2003. The company is responsible for collecting and distributing digital performance royalties on behalf of nearly 250,000 recording artists’ and master rights owners’ accounts within the music industry.
“Music was among the industries hit hardest by the COVID-19 pandemic,” says Michael Huppe, president & CEO of 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 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,” continues 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.”
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