US company SoundExchange has published its latest quarterly figures, and they show strong growth in its payouts to artists and labels. The company paid out $208.7m in the second quarter of this year, up 17.5% year-on-year.
That growth is also reflected in SoundExchange’s figures for the first half of 2018, with distributions up 17.4% to $398.6m, almost surpassing its record year of 2016, after payouts dipped in 2017 due to Pandora signing direct licensing deals with labels.
SoundExchange also says that it distributed royalties to 28,065 payees in Q2 2018, up 9.3% year-on-year. That breaks down to an increase in the average payout per payee from $6.9k in Q2 2017 to $7.4k in Q2 2018, if you’re wondering.
“We’re halfway there, but we aren’t living on a prayer. We’re working hard to get royalties in your hands, and we’re doing it at the industry’s lowest administrative rate,” announced the company, in ebullient mood.
SoundExchange also hailed the progress of the US Music Modernization Act; the launch of its own Music Data Exchange initiative; and new features for its SXWorks subsidiary as reasons to be cheerful in 2018.