US digital royalties collection and distribution entity SoundExchange has released a list of more than 50,000 musicians and record labels that are owed tens of millions of dollars, the non-profit organization announced today.
As you may know, SoundExchange has been entrusted by the Library of Congress to handle royalties for sound recordings streamed on Internet radio, satellite radio and cable music services.
As part of its tasks, it has accumulated unclaimed royalties ranging from $10 to more than $100,000 over the last decade, which it is now listing publicly. According to the organization, its list also includes more than $31 million in royalties that are three or more years old.
To check whether they can claim due royalty payments, all that artists and labels need to do is to register on SoundExchange’s dedicated page. Here’s what it looks like:
Even if their names aren’t on the list, SoundExchange encourages musicians to register and make sure they get the money they are owed in the future. While it has already distributed $1 billion in royalties since its creation and registered 30,000 users over the last 3 years, reaching out to tens of thousands of content owners remains a challenge, which is why it is asking for everyone to help.
“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.”