SoundExchange Has Distributed More Than $9 Billion To Rightsholders Since 2003
WASHINGTON D.C. (CelebrityAccess) — Digital efficiency rights group SoundExchange revealed that it has distributed greater than $9 billion in digital royalties to music creators because it grew to become a standalone entity in 2003. That determine contains greater than $235 million distributed in the course of the first quarter…
WASHINGTON D.C. (CelebrityAccess) — Digital efficiency rights group SoundExchange revealed that it has distributed greater than $9 billion in digital royalties to music creators because it grew to become a standalone entity in 2003.
That determine contains greater than $235 million distributed in the course of the first quarter of 2022 as a part of SoundExchange’s one hundred and fiftieth royalty distribution, the corporate stated.
“SoundExchange is powering the way forward for music by distributing billions of {dollars} to creators who’re the center and soul of our trade,” stated Michael Huppe, president and CEO of SoundExchange.
SoundExchange can also be the one group designated by the US authorities within the Music Modernization Act to manage the Part 114 sound recording license below the Orrin G. Hatch-Bob Goodlatte Music Modernization Act, which went into impact in 2021.
“We’ve seen the return of our vibrant music neighborhood over the past a number of months, and we’re proud to play a job in constructing a fairer, easier, and extra environment friendly trade. These exceptional milestones signify our ever-expanding dedication to mix expertise, information, and advocacy to enhance the artistic return in any respect ranges,” Huppe added.
In response to the Recording Business Affiliation of America, recorded music revenues in the USA grew by 23% in 2021 to $15 billion at estimated retail worth and in 2021, streaming accounted for greater than 80% of complete income, totaling $12.4 billion in 2021.
