SoundExchange pays out record $149 million in second quarter
Performance rights organization SoundExchange distributed $149 million to music artists and record labels in the second quarter of 2013, a 55% increase from the same period a year ago.
SoundExchange, which collects royalties from services including satellite and Internet radio, said the quarter’s payments represent a record for the organization, underscoring the increasing popularity of those services.
The organization also said its administrative rate was 4.9% in 2012, which it said is one of the lowest in the world.
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“SoundExchange’s most recent distribution is yet another positive indication of where the industry is heading,” Chief Executive Michael Huppe said in a statement. “More importantly, our low 4.9 percent admin rate means more money in creators’ pockets.”
To date, the organization, which works with more than 2,000 digital music services, has paid out about $1.5 billion.
Services that use the government-set statutory royalty rate, including Sirius XM and Pandora Media Inc., pay SoundExchange. Artists and labels register with the organization to receive revenues.
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