Photo Credit: Adi Goldstein
VEVA Sound and SoundExchange announced their partnership centered on increasing royalty payments’ accuracy and efficiency. The data partnership utilizes 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 to everyone working on a recording. Using exported DDEX RIN files from VEVA Collect with user-stored contributor credits, SoundExchange can retrieve and store this data to create performer lineups for a given recording.
“SoundExchange is committed to ensuring creators are compensated fairly for their work,” said Michael Huppe, SoundExchange’s president and CEO. “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 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,” said VEVA Sound president Deborah Fairchild. “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.”
She added, “We see this as an important next step in the interoperability of leading companies in the music industry.”
SoundExchange has distributed more than $9 billion in digital royalties to music creators, including $235 million during the first quarter of 2022. They are the only organization designated to administer the Section 114 sound recording license in the US, and their services are a critical revenue source for music creators.
Identifying creators entitled to royalties as early in the creative process as possible eliminates any doubt as to whom should be paid, minimizing the need for manual royalty claims. This approach also shortens the time required to pay out royalties, completing the legwork in advance. Their partnership with VEVA Sound is the latest example of SoundExchange utilizing technology to optimize the accuracy and quality of performer lineups and the monthly distributions to which those performers are entitled.