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.â€
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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