WASHINGTON DC (Hypebot) – SoundExchange, the industry's self-proclaimed "people-powered radio" is putting up some impressive artist payout numbers in Q3 2014. Closing out the quarter at $267 million paid to artists, SoundExchange is boasting a 74% increase in artist payouts to last year's Q3 2013 payout of $153.7 million. As listeners turn more and more toward digital streaming for access to and discovery of new music, SoundExchange is experiencing exponential growth and has the numbers to prove it.
In Q3 2013, SoundExchange issues payouts to 25,836 payees. This year in Q3 2014 they've upped that number to 31,376 payees, showing a 21% increase. At the close of Q3 2014, SoundExchange's 2014 year-to-date total payout to $590.6 million – surpassing 2013's entire artist payout totalling $590.4 million.
SoundExchange users can enjoy customized playlists and stations created from music in a pre-existing library, and can access a list of station listeners to connect with others who share similar tastes in music. SoundExchange is also available as a mobile app and streaming quality can be adjusted based on the availability of wi-fi.
As digital streaming becomes the music industry's go-to for music, SoundExchange is in prime position to continue experiencing substantial growth.