New York, NY (Top40 Charts) SoundExchange today announced plans to collaborate with SourceAudio to provide a new solution for the rapidly growing podcast industry to secure music with fully integrated, global licenses. The collaboration would provide Podcastmusic.com, a digital music marketplace for podcasters, with access to SoundExchange's vast membership of music creators and offer licensing for label and publisher-owned music.
"The podcast industry is rapidly growing, and this collaboration will provide SoundExchange's music creators - both labels and publishers - with an additional way to monetize their work by making their music available on Podcastmusic.com if they choose," said Michael Huppe, President and CEO of SoundExchange. "Our collaboration with SourceAudio will make the process of licensing music simpler through a one-stop licensing marketplace."
With the podcast industry forecasted to produce more than $1 billion in advertising revenue by 2021*, Podcastmusic.com will provide music creators an opportunity to tap into this rapidly growing market by simplifying how podcasters license music for their programming.
This collaboration will enhance Podcastmusic.com's current database of 700,000 production and music bed tracks by providing a global license for all rights needed to use feature music in a podcast, including master use, performance, synchronization, and mechanical rights. Through this digital marketplace, podcast producers will be able to license label and publisher-owned music with the click of a button.
"Currently there is no simple way for a podcaster to acquire rights for feature music in their podcasts. We are solving that by working with SoundExchange," said Geoffrey Grotz, CEO/Co-Founder of SourceAudio. "By connecting with SoundExchange's community of music creators including labels, artists, publishers and songwriters, and benefitting from their deep expertise, we will be able to deliver a high-quality repertoire of music for podcasters."
The service will launch in 2020. Participation in this service by publishers, labels, and other rights owners is on a voluntary basis.
Music creators interested in making their sound recordings available for podcasts can visit www.podcastmusic.com/rights-holders for more information.
*
Interactive Advertising Bureau (IAB)/PwC. (2019). FY 2018 Podcast Ad Revenue Study: A Detailed Analysis of the US Podcast Advertising Industry: June 2019. Retrieved from https://www.iab.com/wp-content/uploads/2019/05/Full-Year-2018-IAB-Podcast-Ad-Rev-Study_5.29.19_vFinal.pdf
SoundExchange provides royalty solutions for sound recordings and publishing, serving as a critical backbone to today's digital music industry. The organization collects and distributes digital performance royalties on behalf of more than 192,000 recording artists' and master rights owners' accounts. SoundExchange provides leading services to the publishing community through subsidiaries SXWorks and the Canadian Musical Reproduction Rights Agency (CMRRA). Its technology solutions help turn massive amounts of data into accurate revenue for creators and include:
Music Data Exchange (MDX), International Standard Recording Codes (ISRC) Search, the Notice of Intention to Use (NOI) LOOKUP, and the Unclaimed Works Portal (via CMRRA Direct). To date, SoundExchange has paid out more than $6 billion in royalties. For more information, visit www.SoundExchange.com.
Based in Los Angeles, SourceAudio is a white label B2B music technology platform for publishers, labels, broadcasters, production companies, and creative agencies. Iconic brands across the media landscape leverage SourceAudio's industry-leading music search, distribution, licensing, monitoring, and management capabilities to generate revenue, enhance creative, and maximize efficiencies.
SourceAudio is also the same company behind other innovative, technology-powered music solutions like Alpha Libraries for Radio, the single largest production music resource for radio. Alpha Libraries has significantly enhanced the way radio groups and stations license music for programming, promos, commercials, jingles, and other production elements. Recently, SourceAudio launched PodcastMusic.com, a one-stop licensing solution for using music in podcasts.
