SoundExchange Reports Record Payouts In 2015, But Growth Is Slowing Dramatically
SoundExchange has announced record royalty payments to artists in 2015. $802.6 million was paid out, but the year's 4% growth was the slowest in the digital performing right's organization's 8 year history.
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SoundExchange announced a new record with total year-end royalty payments reaching $802.6 million (up 4 percent from $773.4 million the prior year). 2014 growth was 30%. The fourth quarter 2015 distribution also increased, totaling $211.4 million (up 16 percent from $182.8 million the prior year).
"As we close the books on a historic year in distributions for SoundExchange, we are looking forward to 2016. In the year ahead we will continue to develop products and services that help the music industry run more efficiently, increase the velocity of payments and reduce friction," SoundExchange President and CEO Michael Huppe said. "We believe 2016 will be our best year yet, and we are eager to share this ride together."
More than 2,500 non-interactive Internet radio, satellite radio and cable radio services pay royalties to recording artists and rights holders through SoundExchange.
In addition to surpassing $800 million in royalties paid for the first time, SoundExchange reached many important milestones in 2015 that moved the recorded music industry forward. SoundExchange's 2015 achievements include:
- Paying more than $3 billion cumulatively in digital royalties to recording artists and labels since 2003.
- Helping introduce the Fair Play Fair Pay Act, sponsored by Representatives Jerry Nadler (D-NY) and Marsha Blackburn (R-TN) in April.
- Participating in the Copyright Royalty Board's (CRB) Webcasting IV case, which set royalty rates and terms for webcasters using the statutory license for 2016-2020.
- Hosting the SoundExchange Influencers Series at the Bluebird Café in Nashville featuring BeBe Winans, Jonathan McReynolds and Alexa Cruse.
- Appointing music legend David Byrne to the SoundExchange Board of Directors.
- Reaching a settlement agreement with National Public Radio (NPR) and the Corporation for Public Broadcasting (CPB) on royalty rates through 2020 for webcasting by public radio stations.
via CelebrityAccess
