WASHINGTON DC (Hypebot) – SoundExchange released it's 2014 year end numbers this morning, revealing a new record for the company of $773 million in royalty payouts to recording artists and record labels. 2014's total payout is up 31% from the $590 paid out to artist and labels the year prior. The fourth quarter of 2014 also brought with it a significant increase in distribution with more than 38,000 payouts totaling approximately $183 million.
“2014 was a banner year for SoundExchange. Not only did we pay out more royalties to recording artists and record labels, but they now receive payments faster than ever after we became the first sound recording performance rights organization in the world to deliver monthly payments,” said SoundExchange President and CEO Michael Huppe. “While 2014 finished on a high note, we look forward to continuing our success and growth in 2015 which promises to be even more exciting.”
SoundExchange experienced growth across the board in 2014. The company launched Project 72, a campaign to ensure fair pay for artists who recorded their music before 1972, in support of the RESPECT Act; represented the entire recorded music industry in proceedings before the Copyright Royalty Board to set rates paid by webcasters; introduced annual year-end charts naming the Top Streaming Artists, Top Recordings, and Top Breakout Artists; and welcomed Michael Huppe as President and CEO through 2018. SoundExchange was also able to forge meaningful partnerships with SXSW, CMJ, GRAMMYS, SAG-AFTRA, LOCKN’ Music Festival, and School Night that allowed for strategically targeted and better informed artist outreach.
To further review the company's progress, check out their Q4 Digital Report.