US performance rights organization SoundExchange collected USD $1.017 billion in royalties to artists and labels in 2022.
SoundExchange collected those royalties from over 3,600 digital streaming providers and distributed them to more than 600,000 creators like Ludacris and Billie Eilish, as well as rightsholders, the company said in its annual report released Thursday (July 20).
“In doing so, the company crossed the $9 billion threshold for distributing royalty payments since its inception in 2003,” President and CEO Michael Huppe said.
Huppe credited the resurgence of live music in 2022 as a significant contributing factor to the figures. He also highlighted the organization’s relentless efforts in advancing fairness for creators in the US Congress.
The company’s 2022 annual report featured additional noteworthy highlights, including its administration of over 50 reciprocal agreements worldwide, prompt monthly payouts with 90% of royalties disbursed within 45 days, coverage of 80% of the neighboring rights market outside of the US, and the processing of billions of lines of data transactions each month.
CTO Luis Bonilla said: “The speed and frequency at which we pay is unheard of in the music industry — 90% of the royalties are paid out within 45 days. Strategic investments in technology and partnerships propel our best-in-class platform.”
Most recently, SoundExchange claims to maintain one of the music industry’s lowest administration rates at 7.2%.
“The work that SoundExchange does ensures that artists can focus on making music that inspires, and that all members of the creative process are valued, respected, and supported for their work.”
“The work that SoundExchange does ensures that artists can focus on making music that inspires, and that all members of the creative process are valued, respected, and supported for their work,” said Billie Eilish.
In 2022, SoundExchange unveiled a number of new features to better facilitate collections and distributions to artists including a new look, a new website to serve as a resource for creators, publishers, and digital service providers, as well as a mobile app to provide creators easy on-the-go access to their accounts.
“We became the first industry organization of our kind to offer creators the option to receive their monthly payments through services like CashApp and Zelle.”
Michael Huppe, SoundExchange
“We became the first industry organization of our kind to offer creators the option to receive their monthly payments through services like CashApp and Zelle. And we also unified and upgraded our publisher services offering to build an integrated global publisher services administration and licensing division called SX Works Global Publisher Services (SX Works),” said Huppe.
SoundExchange said it also shifted how it identifies credits, interacts with creators and distribute payments.
“We always strive to meet creators where they are with easy, accessible tech solutions. I’m proud of the work we have accomplished this past year to offer creators the payment options they use most,” said SoundExchange CFO and COO Anjula Singh.
The United States District Court for the Central District of California in October ordered Slacker and LiveOne to pay $9.7 million in unpaid royalties due to performers and rights owners.
Music Business Worldwide