(Hypebot) – Just hours before today's important rate ruling by the U.S. Copyright Royalty Board, SoundExchange released figures showing $204 million in payments in the 3d Quarter.
SoundExchange paid out $204 million in the third quarter to 87,219 artists and labels, That's down 24% from the $267 million paid in the same quarter last year. Total payments year-to-date were $591.2 million, up from $590.6 million in 2014.
The lower payments likely stem from increase usage of on-demand streaming services like Spotify and Apple Music, at the same time that Pandora and SirisuXM growth is slowing.
With more than 2,500 digital services now participating and more than a half billion dollars paid out in royalties this year, SoundExchange’s payments represent 17% of total recorded music revenue in the U.S.