SoundExchange Had Fewer Unclaimed Royalties Last Year
SoundExchange, the company responsible for collecting and distributing royalties to artists when music is sold, reported Wednesday that it held fewer unclaimed royalties at the end of 2014 than it had the year before. According to the report, the total amount of unclaimed royalty funds rose from $96 million to $109 million. As a percentage of total funds including those distributed, however, unclaimed payments fell from 16.3 percent to 14.1. The organization noted that the amount of funds held back for account issues dropped as well. These issues range from incorrect paperwork to returned checks. The amount held back for these issues fell from $26 million in 2013 to $14 million in 2014, Showing it is improving the way it finds and pays artists.