SOUNDEXCHANGE HITS $9 BILLION MILESTONE, COMPLETES 150TH ROYALTY DISTRIBUTION

Since 2003, organization has distributed more than $9 billion including $235 million in Q1 2022

WASHINGTON, March 25, 2022 /PRNewswire/ -- SoundExchange, the premier music-tech organization powering the future of music, reports today it has distributed more than $9 billion in digital royalties directly to music creators since 2003. SoundExchange has distributed a total of $235 million during the first quarter of 2022, completing its 150^th royalty distribution.

"SoundExchange is powering the future of music by distributing billions of dollars to creators who are the heart and soul of our industry," said Michael Huppe, president and CEO of SoundExchange. "We've seen the return of our vibrant music community over the last several months, and we are proud to play a role in building a fairer, simpler, and more efficient industry. These remarkable milestones represent our ever-expanding commitment to combine technology, data, and advocacy to improve the creative return at all levels."

SoundExchange is a critical source of revenue for music creators, collecting and distributing digital performance royalties on behalf of 560,000 music creators using proprietary technology solutions. The cloud-native organization has helped creators stay afloat during unforeseen challenges through its industry-leading use of technology and data.

According to the Recording Industry Association of America, recorded music revenues in the United States grew by 23% in 2021 to $15 billion at estimated retail value. Streaming revenues accounted for 83% of total revenue, totaling $12.4 billion in 2021 - a 24% increase over 2020.

About SoundExchange:
SoundExchange is the premier music-tech organization on a mission to power the future of music. It was independently formed in 2003 to build a fairer, simpler, and more efficient music industry through technology, data, and advocacy. The only organization designated by the US government to administer the Section 114 sound recording license, SoundExchange collects and distributes digital performance royalties on behalf of 560,000 music creators and growing. Through proprietary music tech solutions that turn data into accurate revenue, SoundExchange has paid more than $9 billion in distributions to date. For more information, visit soundexchange.com.

SOURCE SoundExchange