SoundExchange publishes its 2009 financial results

US royalties body SoundExchange has published its financial results for 2009, which have been much anticipated by supporters and critics alike. They reveal incoming royalties of $204.2 million for the year (up 20% on 2008), outgoing distributions to artists and copyright holders of $155.5 million (up 55%), and operating costs of $16.7 million. What’s likely to provoke more debate is the company’s year-end balance of $294 million, so SoundExchange has broken that down, with the key figure being the $111 million of ‘unpayable funds’. Of that, $43 million is unclaimed funds for artists and copyright owners who haven’t registered with SoundExchange; $23 million is related to bad metadata; $23 million is unclaimed money by foreign collecting societies, and $22 million is in limbo due to account issues and paperwork. SoundExchange says it paid out $38.3 million of the $111 million in Q1-Q3 2010.Read more: Press Release

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