SoundExchange, the premier music technology organization powering the future of music, and VEVA Sound announced a data partnership designed to increase the accuracy and efficiency of royalty payments. The partnership leverages the latest cloud-based technologies 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, credits and metadata sharing platform that collects and compiles creator credits along with all associated audio assets so that anyone working on a recording are fairly compensated. VEVA Collect now allows users to export DDEX RIN files with their contributor credits, right from the studio, automatically to SoundExchange which can regularly retrieve and store this data. SoundExchange can then use the data to create queues of performers for a given recording.
“SoundExchange is committed to ensuring that creators are fairly compensated 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 creators’ credits and build a fairer, simpler and more efficient music industry.”
“We are thrilled to partner with SoundExchange in this ability to not only streamline in-studio credit collection, but also now provide our users with a method to securely send their data 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 vital 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 over $9 billion in digital royalties directly to music creators, including $235 million in the first quarter of 2022.
Identifying creators eligible for royalty payments early in the creative process eliminates doubt about who should be paid, and reduces the number of creators who do not receive royalties by minimizing the need for manual claims. This approach also shortens the time it takes to pay royalties, as all the necessary work is done before a recording is even played. This partnership is the latest example of SoundExchange using technology to optimize the quality of performer lineups and the accuracy of monthly distributions.
For more information, visit soundexchange.com