WASHINGTON D.C. (CelebrityAccess) — Digital performance rights organization SoundExchange revealed that it has distributed more than $9 billion in digital royalties to music creators since it became a standalone entity in 2003.
That figure includes more than $235 million distributed during the first quarter of 2022 as part of SoundExchange’s 150th royalty distribution, the company said.
“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 and CEO of SoundExchange.
SoundExchange is also the only organization designated by the US government in the Music Modernization Act to administer the Section 114 sound recording license under the Orrin G. Hatch-Bob Goodlatte Music Modernization Act, which went into effect in 2021.
“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,” Huppe added.
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 and in 2021, streaming accounted for more than 80% of total revenue, totaling $12.4 billion in 2021.