SoundExchange Hits $9 Billion Milestone
• SoundExchange reports it has distributed more than $9 billion in digital royalties directly to music creators since 2003. So far this year, SoundExchange has 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,” said Michael Huppe, President & 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.”
SoundExchange is a critical source of revenue for music creators, collecting and distributing digital performance royalties on behalf of 560,000 music creators using proprietary technology solutions. The cloud-native organization has helped creators stay afloat during unforeseen challenges through its industry-leading use of technology and data.
According to the Recording Industry Association of America, recorded music revenues in the United States grew by 23% in 2021 to $15 billion at estimated retail value. Streaming revenues accounted for 83% of total revenue, totaling $12.4 billion in 2021 — a 24% increase over 2020.
