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News
SoundExchange distributed $292 million in royalties last year
The non-profit PRO (performing rights organization) added fourth quarter distributions to artists and labels of $89.5 million, bringing the year's total payout to $292 million. In 2009, it distributed $155.5 million and in 2010, $249.2 million. SoundEx collects royalties from satellite radio, Internet radio, cable
TV music channels and other platforms that stream sound recordings. Its single biggest revenue contributor by far is Sirius XM, which paid in about $150 million for the most recent year. With its royalty rate rising from 7.5% to 8%, Sirius XM has been exploring alternative strategies, such as dealing directly with music suppliers. SoundEx reports that last year, it registered 15,300 new artists, labels
and rightsholders, cut new international deals, and enhanced its
systems and executive team. Last Fall, CEO Michael Huppe recruited new COO
Jonathan Bender, with 20 years of experience in the music biz.
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