SoundExchange Hits $9 Billion Milestone, Completes 150th Royalty Distribution
SoundExchange has reached the $9 billion mark in digital royalties distributed directly to music creators since 2003. The company has also distributed a total of $235 million during the first quarter of 2022, completing its 150th royalty distribution.
“SoundExchange is powering the future of music by distributing billions of dollars to creators who are the heart and soul of our industry,” explains Michael Huppe, president and CEO of SoundExchange. “We’ve seen the return of our vibrant music community over the last several months, and we are proud to play a role in building a fairer, simpler, and more efficient industry. These remarkable milestones represent our ever-expanding commitment to combine technology, data, and advocacy to improve the creative return at all levels.”
According to the Recording Industry Association of America, recorded music revenues in the U.S. grew by 23% in 2021 to $15 billion. Streaming revenues accounted for 83% of total revenue, totaling $12.4 billion in 2021–a 24% increase over 2020.
SoundExchange collects and distributes digital performance royalties on behalf of 560,000 music creators. The organization has helped creators stay afloat during unforeseen challenges through its industry-leading use of technology and data.
