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Business News (more headlines) 02-08-2014

SoundExchange Celebrates Year Of Milestones With 2013 Total Distributions Reaching $590 Million

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SoundExchange, which celebrated its ten year anniversary in 2013, closed out the year with another record-setting distribution, paying $170.4 million to recording artists and record labels in the fourth quarter. Total year-end digital radio royalty payments reached an all-time high of approximately $590.4 million (up 28 percent from 2012). Since inception, SoundExchange has put nearly $2 billion into music creators' pockets.

SoundExchange royalties are paid by 2,000+ non-interactive Internet radio, satellite radio and cable radio services for their use of sound recordings. These royalties are distributed by SoundExchange directly to the recording artists and record labels that earn them.

SoundExchange maintains one of the lowest administrative rates in the industry at 4.9 percent in 2012.

"I'm pleased to report a strong finish to an amazing year for SoundExchange, and for digital radio. We processed tens of billions of digital performances in 2013 reported by thousands of music services every month. This is further proof that consumers are streaming digital radio now more than ever," said SoundExchange President and CEO Michael Huppe. "We are ensuring that digital radio listening is being converted into a reliable revenue stream for music creators. We look forward to continuing our mission to support, protect and propel the music industry forward in 2014."

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