They’re three of the world’s most lucrative entertainers, all responsible for turning the writers behind their material into millionaires.
Not sure what we mean? Well, simply ask the likes of The Dream, Sia, Elijah Blake and Miguel how ‘financially fruitful’ cuts penned for Beyonce, Rihanna, Ciara and Mariah Carey have been for them, providing a stability few entertainers can say they’ve enjoyed at any point in their careers.
Now, in a move that’ll make the business of songwriting even more appealing to chart hopefuls, SoundExchange has announced plans to launch a monthly royalty payment system, seeing writers reap the fruits of their creative labor faster than ever before.
Responsible for collecting and distributing royalties for non-interactive digital music services, ‘Sound‘ has revealed that its members will soon be eligible to secure monthly payments.
Important, as this sees them the first performing rights organisation to do so, perhaps standing head and shoulders above competitors who distribute payments on a quarterly basis.
As it stands, their exciting new plan will only benefit those who are owed more than $250 per month and are signed on to receive electronic payments, but will continue to pay those who don’t meet this criteria every four months.
Billboard Biz adds:
“SoundExchange tells Billboard that half of its 15,000 to 18,000 payments each quarter are made electronically, and approximately 40% of payees signed up to receive electronic payment will exceed the $250 threshold. The organisation notes it will revisit the $250 threshold in a few months to determine if a change is needed.
SoundExchange collects and distributes royalties from non-interactive digital music services that use the Section 114 compulsory license for sound recordings. Internet radio service Pandora, satellite radio company Sirius XM and cable radio service Music Choice are among the 2,000 services that pay royalties to SoundExchange.”