SOUNDEXCHANGE LAUNCHES MOBILE PAYMENT OPTION FOR ROYALTY DISTRIBUTIONS WITH CASH APP

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Nov 03, 2022, 09:05 ET

New mobile payments initiative allows eligible creators to immediately choose Cash App to receive royalty payments, with additional options available soon

WASHINGTON, Nov. 3, 2022 /PRNewswire/ -- SoundExchange, the premier music tech organization powering the future of music, today announced an initiative that will allow registered creators to elect to receive their royalty payments via mobile payment apps. Cash App is the first mobile payment application in place for registered creators to take advantage of, with additional options available soon.

SoundExchange is one of the only organizations of its kind to offer creators the option to receive payments through mobile payments apps. The initiative builds upon SoundExchange's release of a mobile app (now available in the app store for Google/Android and Apple/IOS) and digital tools, as well as new partnerships to support creators.

"Meeting creators where they are with easy, accessible tech solutions is a priority for SoundExchange as we enter this next chapter in our journey to support creators," said Michael Huppe, President and CEO of SoundExchange. "As mobile payment apps have become increasingly popular, we've listened to our community to ensure that we are offering the payment options that best fit their needs. Today's announcement demonstrates SoundExchange's leadership in embracing the latest technology trends, and we are happy and excited to have Cash App on board to launch this initiative."

Creators are encouraged to contact the SoundExchange Customer Services team to learn more about app-specific eligibility requirements and to sign up to receive royalty payments via Cash App. Creators will still be able to receive royalty payments from SoundExchange via monthly domestic direct deposit in the U.S. and international direct deposit in select local currencies or quarterly paper checks.

SoundExchange is a critical source of revenue for music creators, collecting and distributing digital performance royalties on behalf of 570,000 music creators using proprietary technology solutions. To date, SoundExchange has distributed more than $9 billion in digital royalties directly to music creators, including $238.9 million during the third quarter of 2022.

About Cash App

Cash App is the money app. It's the easy way to spend, send, store, and invest money. Sending and receiving money is free and fast, and most payments can be deposited directly to a bank account in just a few seconds. With Cash App, customers can also invest in their favorite companies with as little as $1, buy and sell Bitcoin instantly, get a paycheck deposited right to the app, create a unique $cashtag that to share with anyone to get paid fast, and use the Cash Card to spend the money anywhere they'd like. Download Cash App for free at cash.app/download.

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 U.S. government to administer the Section 114 sound recording license, SoundExchange collects and distributes digital performance royalties on behalf of 570,000 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