SoundExchange, which collects royalties for digital streams and Internet radio, has collected royalties for 50,000 artists and labels who stand to lose their payout if they don’t register with the company by October 15.
“The agency, created in 2000, pays performing artists and record labels when their music is played on services like Sirius XM and Pandora — a royalty that the music industry has long sought, since terrestrial radio pays only songwriters and publishers,” explains The New York Times.
Right now the company has 70,000 accounts for performers and 24,000 for labels and other copyright owners, but it has struggled to get those parties to fill out the required documents.
The agency has paid out $1 billion since its start. Although the amount owed to the 50,000 unregistered parties hasn’t been confirmed, the artists and labels could lose out if they don’t meet SoundExchange’s October deadline.
No Comments Yet
You can be the first to comment!
Leave a comment
You must be logged in to post a comment.