Kurt Hanson’s RAIN Newsletter reported on their website that SoundExchange, the Internet radio arm of the Recording Industry Association of America (RIAA), is holding over $200 million dollars in unpaid royalties. Another website is reporting the amount SX is holding may be allot more.
Digital Music News reported that “SoundExchange’s current pile of $200 million is up from $96.7 million it had at the end of 2006, “highlighting the problems this organization is facing locating performing artists.””
The problem, SoundExchange said, is in part caused by the booming popularity of online radio. “The whole industry is increasing year-over-year,” said SoundExchange executive Laura Williams. “We’re just a part of, or more accurately a reflection of, that explosion.”
One attorney reviewing the situation noted that ‘any non-profit carrying more than $200 million on its books has a serious problem.’”
Of the notables that were on SoundExchange’s unclaimed list were:
Kid n’ Play
Dr. Buzzard’s Original Savannah Band
One artist we play on a regular basis was also on the list, keyboardist and composer, Kit Walker.
Honestly, if you’re a musician, you need to check out SoundExchange’s Unclaimed Royalties List and see if your name or band is there. Don’t let SX continue to earn interest on what’s rightfully yours!