New York, NY (Top40 Charts) SoundExchange, the premier music tech organization powering the future of music, and VEVA Sound announced today a data partnership designed to increase the accuracy and efficiency of royalty payments. The partnership leverages the latest in cloud-based technology and makes it easier for creators registered with SoundExchange to receive the royalties to which they are entitled.
VEVA Collect, built by VEVA Sound, is a leading audio file-sharing, credits, and metadata platform that collects and compiles creator credits with all associated audio assets so that everyone who works on a recording is fairly compensated. VEVA Collect now allows users to export DDEX RIN files with their contributor credits, as early as in the studio, automatically to SoundExchange which can regularly retrieve and store this data. SoundExchange can then use the data to create performer lineups for any given recording.
"SoundExchange is committed to ensuring creators are compensated fairly for their work. By integrating this metadata into our systems, we can augment our already best-in-class data platform to better pay creators when their recordings are used," said Michael Huppe, president and CEO of SoundExchange. "We look forward to working with VEVA Sound to increase the accuracy of our creator credits and build a fairer, simpler, and more efficient music industry."
"We are thrilled to partner with SoundExchange in this capacity to streamline not only the collection of credits in the studio but to now provide our users a method to send their data securely to SoundExchange and help facilitate accurate payments to everyone involved in the royalty stream," said Deborah Fairchild, president of VEVA Sound. "We see this as an important next step in the interoperability of leading companies in the music industry."
SoundExchange, the only organization designated by the U.S. government to administer the Section 114 sound recording license, is a critical source of revenue for music creators, collecting and distributing digital performance royalties on behalf of more than 570,000 music creators using proprietary technology solutions. To date, SoundExchange has distributed more than $9 billion in digital royalties directly to music creators including $235 million during the first quarter of 2022.
Identifying creators entitled to royalty payments early in the creative process removes any doubt as to whom should be paid, and it reduces the number of creators missing out on royalties by minimizing the need for manual claiming. This approach also shortens the time that it takes to pay out royalties, as all the necessary work is done before a recording is even played. The partnership is the latest example of SoundExchange using technology to optimize the quality of performer lineups and the accuracy of monthly distributions.
About SoundExchange:
SoundExchange is the premier music tech organization on a mission to power the future of music. It was independently formed in 2003 to build a fairer, simpler, and more efficient music industry through technology, data, and advocacy. The only organization designated by the U.S. government to administer the Section 114 sound recording license, SoundExchange collects and distributes digital performance royalties on behalf of 570,000 music creators and growing. Through proprietary music tech solutions that turn data into accurate revenue, SoundExchange has paid more than $9 billion in distributions to date. For more information, visit soundexchange.com.
