SoundExchange Rev Up In Q1 (Again)
On Friday SoundExchange, the streamed music clearinghouse for Performance royalty payments, announced their Q1 results. The numbers were positive both in terms of total royalties paid and the number of artists receiving payments, which is a direct reflection of the continued growth in streaming as a distribution channel for music.
During Q1’9 SoundExhange paid out $221 million, which is up 16% YoY. SoundExchange’s number of payees also increased 17% YoY to 185,000.
One notable development in Q1 included the launch of a new Unclaimed Works Portal. This hub helps publishers to access digital services’ data and search for unmatched uses of their songs. Although SoundExchange didn’t break out payments received from the Unclaimed Words Portal, helping artists find and get paid for more uses of their music, which they were not aware of, could have helped goose the Q1 payouts up a bit.
So a good start to the year for SoundExchange and its member artists. I’d expect this positive trend to continue throughout 2019.