Searchable Database Released Today Lists 50,000 Bands Owed $31 Million in Royalties
SoundExchange is a not-for-profit entrusted by the Library of Congress to collect and distribute digital performance royalties for bands. That includes SIRIUS, Pandora and more. So far, it's found the rightful owner of some $1 billion in royalties, but paying up has proven a challenge. The organization is currently sitting on $31 million owed to 50,000 bands, and today it released those bands names in a searchable database. You can go and find out if you're on it, and, if so, register to collect. We did a bit of cursory browsing and found a couple St. Louis bands listed.
Bands! This...well, probably couldn't be you. But still. Don't leave money on the table.
Here's the full text of the release published today by SoundExchange:
WASHINGTON - August 15, 2012 - SoundExchange today released a list of more than 50,000 recording artist and record label names owed tens of millions of dollars in unclaimed digital performance royalty payments. This list also includes more than $31 million in royalties that are three or more years old.
The artists and labels named on the list have accumulated unclaimed royalties waiting to be paid out by SoundExchange, the nonprofit organization entrusted by the Library of Congress to collect and distribute royalties for sound recordings streamed on Internet radio, satellite radio and cable music services.
SoundExchange is encouraging recording artists and record labels to view the searchable database located on its website to learn more and register to receive their share. The unclaimed royalties, ranging from $10 to more than $100,000, have been collected by SoundExchange during the past decade. Those that are not included on the list, and have not yet registered with SoundExchange, are encouraged to also register to receive future digital radio royalties.
SoundExchange has paid more than $1 billion in digital performance royalties to the artists and labels it represents since its inception. However, despite rising revenues and the organization's increased outreach efforts, millions of dollars in royalties still remain unclaimed.
"The digital music industry is continuing to grow, providing recording artists and record labels with an increasingly beneficial revenue stream. We are doing everything possible to make sure artists and labels know that and capitalize on it," said SoundExchange President Michael Huppe. "SoundExchange is releasing this list in hopes of getting artists and copyright holders to claim their digital performance royalties. We want to get the money out of our bank account and into theirs - plain and simple."
SoundExchange has contacted tens of thousands of recording artists and record labels owed money throughout the years, and has registered more than 30,000 artists and labels in the last three years alone. As digital music listenership and performance royalties continue to grow, SoundExchange continues to increase its outreach efforts to educate and register those who have not yet claimed their share. The organization attends music industry events, and also reaches out via phone, email, social media, advertising, as well as via the posting of smaller, more targeted lists. SoundExchange also regularly matches its lists of unregistered recording artists and record labels against organizations whose members or user-base consists of these individuals. Past partners include BandPage, TuneCore, SonicBids, MySpace, Reverbnation, and more than 150 others.
To register online, visit: http://sndx.co/register.