(Hypebot) — SoundExchange announced today that despite the pandemic it had distributed $947 million in performance royalties to creators during the fiscal year 2020.
That’s a $39 million increase from 2019, marking a 4% growth year-over-year with an operating administrative rate of 5.3%.
The digital music PRO has distributed nearly $8 billion to creators since its 2003 launch.
“Music was among the industries hit hardest by the COVID-19 pandemic,” said Michael Huppe, President & CEO, SoundExchange. “With venues shuttered and touring revenue effectively non-existent, digital royalties represented the lifeblood and primary income source for a large segment of the music industry.”
SoundExchange collects and distributes digital performance royalties on behalf of nearly 250,000 recording artists’ and master rights owners’ accounts.
Bruce Houghton is Founder and Editor of Hypebot and MusicThinkTank and serves as a Senior Advisor to Bandsintown which acquired both publications in 2019. He is also the Founder and President of the Skyline Artists Agency and a professor at the Berklee College Of Music online.
