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Thursday, April 9, 2020

SOUNDEXCHANGE TOPS $7B IN ROYALTIES PAID

SoundExchange has topped the $7b mark in royalties distribution to music creators since its creation in 2003, having distributed $224m during the first quarter of 2020.

The figure is a 1.5% increase over Q1 2019.

"SoundExchange has always been a critical source of revenue for music creators, and especially now," said President/CEO Michael Huppe. "Our entire team is committed to providing reliable monthly payments, particularly at a time when the music community is confronting the challenges posed by COVID-19, and we are on track for our April distribution."

SoundExchange was among the music-industry organizations that lobbied Congress to ensure that music creators would be eligible for federal financial assistance in the CARES Act.

 
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