What is SoundExchange?
As the pandemic continues, Soundexchange knows that digital royalty income is crucial than ever. This latest A2IM member spotlight explains what the digital PRO serves artists and labels.
A guest post written by Sound Exchange for A2IM.
Who we are
As the pandemic continues, SoundExchange knows that digital royalty income streams remain more crucial than ever for Independents. So, we endeavour to overdeliver on our mission – to make the business of music simple and fair for creators, particularly at this time of sustained need.
With the livelihood of independent labels and artists in mind, SoundExchange collected a projected $1+ billion in royalties in 2021 and distributed nearly $1 billion in royalties to rights holders. This was done through direct payments, each month, on time without skipping a beat. Our cutting-edge tech innovations created tangible benefits for Independents, making it possible to convert data from over 3,600 digital service providers, such as SiriusXM, Sonos, Pandora, and iHeart Media, into payments for more than 260,000 creators.
In a complicated industry, SoundExchange understands the unique challenges for Indies and is a longtime champion. We advocate for this community by raising awareness on issues like getting media companies to pay creators for the use of their music on AM/FM radio stations. In fact, SoundExchange worked to get national attention on this injustice with government officials, industry leaders, artists, and fans that led, in part, to the introduction of the landmark American Music Fairness Act in Congress with bipartisan support. This bill, if passed, could mean significant royalty income for independent working artists—such as local bands, background singers, musicians, and labels who are today in more financial need than ever as the pandemic continues to limit performance opportunities.
And due in large part to SoundExchange’s litigation efforts in 2021, the Copyright Royalty Board increased royalty rates at +17% for music played on commercial non-subscription digital streaming services and +8% for music played on commercial subscriptions services. This was welcomed news for Indie labels and artists alike, increasing their income stream in this time of economic challenge fueled by the pandemic.
These achievements affirm our deep and unwavering commitment to improving the lives of artists. Beyond that, we are a future-facing industry leader, continuously innovating systems and services and developing tech-driven solutions to music’s most pressing challenges.