VEVA Sound and SoundExchange announced their partnership focused on increasing the accuracy and efficiency of royalty payments. The data partnership uses the latest cloud-based technology, making it easier for creators registered with SoundExchange to receive royalties.
Built by VEVA Sound, VEVA Collect compiles all creator credits and their associated audio assets to ensure fair compensation for everyone who works on a recording. Using DDEX RIN files exported from VEVA Collect with user-stored contributor credits, SoundExchange can retrieve and store this data to create performer queues for a given recording.
“SoundExchange is committed to ensuring that creators are fairly compensated for their work,” said Michael Huppe, President and CEO of SoundExchange. “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.”
He continued, “We look forward to working with VEVA Sound to increase the accuracy of our creator credits and create a fairer, simpler and more efficient music industry.”
“We’re thrilled to partner with SoundExchange in this ability to streamline not just in-studio credit collection,” said Deborah Fairchild, President of VEVA Sound. “But to now provide our users with a method to send their data securely to SoundExchange and help facilitate accurate payments to everyone involved in the royalty stream.”
She added, “We see this as an important next step in the interoperability of leading companies in the music industry.”
SoundExchange has distributed over $9 billion in digital royalties to music creators, including $235 million in the first quarter of 2022. They are the sole organization designated to administer the Section 114 sound recording license in the states. States, and their services are a vital source of revenue. for music makers.
Identifying royalty-eligible creators as early in the creative process as possible eliminates doubt about who should be paid, minimizing the need for manual royalty claims. This approach also shortens the time needed to pay royalties, by completing the paperwork in advance. Their partnership with VEVA Sound is the latest example of SoundExchange using technology to optimize the accuracy and quality of artist queues and the monthly distributions those artists are entitled to.