SoundExchange distributed nearly $947 million in performance royalties to creators during the fiscal year 2020. SoundExchange collects and distributes digital performance royalties on behalf of nearly 250,000 recording artists’ and master rights owners’ accounts.
The distribution marks a $39 million increase from 2019; marking a 4% growth year-over-year with an operating administrative rate of 5.3%.
“Music was among the industries hit hardest by the COVID-19 pandemic. Digital royalties represented the lifeblood and primary income source for a large segment of the music industry” said Michael Huppe, President/CEO. “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. I’m especially pleased that last year’s payouts were so robust at a time when creators needed them the most.”
The royalties payments set a new milestone for SoundExchange; distributing nearly $8 billion in collections to creators since the company’s establishment in 2003.