SoundExchange again broke its own record for quarterly royalty payments to musicians and record labels with a distribution of $149 million for the second quarter of 2013. This represented a 55 percent increase from the same quarter in 2012. SoundExchange was also recently honored with a couple of Silver Stevie Awards from the American Business Awards.
Yesterday SoundExchange announced their second quarter 2013 distribution to artists and labels of $149 million, their highest quarterly payout to date. This brings SoundExchange's overall payouts to over $1.5 billion.
SoundExchange also pointed to a final administrative rate for 2012 of 4.9 percent which they state is one of the lowest in the world.
SoundExchange President and CEO Michael Huppe commented:
"SoundExchange’s most recent distribution is yet another positive indication of where the industry is heading. More importantly, our low 4.9 percent admin rate means more money in creators’ pockets, and is a testament to our careful stewardship over this sector of the industry."
"This sector" is the collection of royalties for performance rights from internet, satellite and cable radio services. They also work with over 2000 digital music services for statutory licensing.
SoundExchange was alsorecently named a finalist in two categories of the American Business Awards and took home Silver Stevies for:
- Best Communications or PR Campaign/Program of the Year (Low Budget)
- Company of the Year - Non-Profit or Government Organizations
Hypebot Senior Contributor Clyde Smith (@fluxresearch/@crowdfundingm) also blogs at Flux Research and Crowdfunding For Musicians. To suggest topics for Hypebot, contact: clyde(at)fluxresearch(dot)com.