Sound Exchange reaches $1 billion milestone

SoundExchange, the US non-profit organisation that collects royalties for the use of sound recordings from satellite radio firms, Internet radio services and cable music channels, said on Monday it has now paid $1 billion in digital royalty payments to recording artists and record labels since its inception. Originally a division of the RIAA, the organization became independent in 2003 and also revealed that it paid out $108.6 million during the first quarter, marking the first time it has surpassed the $100 million mark in a quarter. http://en.wikipedia.org/wiki/SoundExchange