Washington, DC – SoundExchange, a DC-based non-profit entity that collects royalties for musicians from satellite radio firms, Internet radio services and cable music channels, said on Tuesday it distributed a record $89.5 million during the fourth quarter.
The organization said it made $292 million in royalty payments during 2011, up 17 percent from the prior year.
“Our growth is encouraging news for the industry,” said Michael Huppe, the president of SoundExchange.
The news follows several recent executive appointments for the organization, which toward the end of last year named Scott Day as chief technology officer and Jonathan Bender as chief operating officer. Day previously was the chief technology officer of financial services media company The Motley Fool, while Bender was the senior vice president of operations, IT and digital development at Concord Music Group.
This article was also published in Potomac Tech Wire.
Press release – http://tinyurl.com/7owtj23Photo by Flickr user mikecogh, used under Creative Commons license