SoundExchange says it’s distributed north of $10 billion since debuting as a standalone organization in 2003.
The Washington, D.C.-based entity, which collects royalties from non-interactive digital music platforms like SiriusXM, just recently unveiled the distribution benchmark. According to SoundExchange – which said in late March of 2022 that it had paid out a total of $9 billion – the $10 billion milestone arrived with its 162nd distribution two months back.
“Crossing the $10 billion threshold and celebrating our 20th anniversary demonstrate our dedication to serving the entire music industry,” more than 12-year SoundExchange president and CEO Michael Huppe said of the cumulative payout figure.
“Over the past 20 years, we have grown into a global music tech organization distributing around $1 billion annually to a creator community of more than 650,000,” finished the former RIAA exec. “I’m incredibly proud of our accomplishments and the team we’ve built and look forward to continued innovation that will power the music industry for many years to come.”
Contrasting the bare-bones announcement messages that it typically puts out when disclosing distribution totals, SoundExchange used a paragraph to explain that Huppe is set to accept an inaugural Music Business Association “Impact Award for Technological Excellence” on its behalf today, as part of Music Biz 2023.
Additionally, The Roots’ Black Thought and Questlove (who’s been tapped to direct a live-action reimagining of The Aristocats for Disney) in remarks of their own went ahead and touted SoundExchange as “a vital partner in the success of the music industry.”
“Their unwavering commitment to innovation, fairness, and transparency sets them apart from the rest,” the two gushed in part. “With SoundExchange, I know that my hard work as an artist is being recognized and rewarded and that my rights are being fiercely protected. Their dedication to the well-being of creators is truly unparalleled, and I am proud to be a part of a community that benefits from their incredible work.”
Meanwhile, Train lead singer Pat Monahan also heaped praise upon the “game-changer” SoundExchange, which according to the “Hey, Soul Sister” songwriter “sticks up for artists and makes at least one part of this industry easier to navigate.”
SoundExchange previously indicated that it had distributed $255.6 million during 2022’s final quarter – up 2.5 percent from the same three-month stretch in 2021. And in April, the Human Artistry Campaign founding member revealed a “data partnership” with France’s Music Story, which has been billed as “a global leader in music metadata.”