Overview
What is Soundexchange Inc?
Soundexchange Inc, located at the heart of digital music, is a pioneering music technology organization. Their primary focus is on creating beneficial business solutions for the entire music industry. With a significant roster of over 130,000 recording artists and master rights owners, they serve as a key intermediary, collecting and distributing digital performance royalties on their behalf.
Official website here: www.soundexchange.com
What are the reviews and ratings of this charity?
Soundexchange Inc is not currently rated by Charity Navigator. This absence of a rating doesn't reflect negatively or positively but indicates the organization doesn't fit the standard evaluation criteria due to its non 501(c)(3) status. Charity Navigator ratings typically depend on indicated aspects such as Accountability & Finance and Impact & Measurement, which cannot apply to Soundexchange as an independent entity.
The nonprofit's financial and leadership data, including revenue, expenses, and key personnel salaries, are not available. Historically, Charity Navigator didn't evaluate aspects like Leadership & Adaptability or Culture & Community for such organizations, further limiting insights into their operations.
Soundexchange Inc operates independently, with a foundation status that excludes it from certain nonprofit evaluations. Thus, while it remains unrated by Charity Navigator, this simply reflects structural constraints rather than any specific organizational strengths or weaknesses. There are no user reviews from GreatNonprofits to add further qualitative insights.
This AI summary has been generated from information found on Charity Navigator.
Is Soundexchange Inc legitimate?
Soundexchange Inc is a legitimate nonprofit organization registered as a 501(c)(6) entity. Soundexchange Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $4,104,815
Professional Fundraising Fees: $0
Other Salaries and Wages: $27,711,806
For more financial information, click here
Official website here: www.soundexchange.com
What is the mission statement of Soundexchange Inc?
Soundexchange Inc is a leading technology organization in the music industry, with a mission to facilitate digital music solutions that benefit all parties involved. They act as an intermediary, collecting and distributing digital performance royalties for over 130,000 recording artists and master rights owners. By doing so, Soundexchange Inc plays a significant role in ensuring fair compensation for those whose work is streamed or played digitally. Their primary focus is to promote a thriving and equitable digital music ecosystem.
Official website here: www.soundexchange.com
Who is the CEO of Soundexchange Inc?
Michael J Huppe is the CEO of Soundexchange Inc The CEO's salary of Soundexchange Inc is $1,870,480 and their total compensation is $1,921,925.
Official website here: www.soundexchange.com
What is the revenue of Soundexchange Inc?
Soundexchange Inc's revenue in 2023 was $99,235,665.
Official website here: www.soundexchange.com
Who are the executives of Soundexchange Inc and what are their salaries?
The average compensation at Soundexchange Inc during 2023 was $130,396. There are 244 employees and 17 volunteers at Soundexchange Inc.
Here are 27 key members and their salaries (Soundexchange Inc's CEO's salary is $1,870,480 and their total compensation is $1,921,925):
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- Compensation: $1,870,480
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- Compensation: $870,884
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- Compensation: $400,610
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- Compensation: $386,623
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- Other: $42,057
Official website here: www.soundexchange.com
Where can I find the form 990 for Soundexchange Inc?
Soundexchange Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.soundexchange.com
Learn more at the official website: www.soundexchange.com
Mission Statement of Soundexchange Inc
SoundExchange, the premier music tech organization, operates at the heart of the digital music industry. With a mission to benefit the entire music ecosystem, SoundExchange collects and distributes digital performance royalties to over 130,000 recording artists and master rights owners. By working diligently to develop innovative business solutions, SoundExchange ensures fair compensation for those whose work is streamed and downloaded online. These valuable royalties help artists and rights owners sustain their careers and continue creating music for audiences around the world.
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Impact
October, 2024
SoundExchange Inc plays a vital role in the digital music landscape by ensuring that recording artists and master rights owners receive fair compensation for their work. By collecting and distributing digital performance royalties, SoundExchange supports more than 130,000 artists, allowing them to benefit from their music in an increasingly digital and streaming-driven industry.
Through its innovative business solutions, SoundExchange strengthens the overall music ecosystem, fostering collaboration between artists, labels, and digital platforms. This not only enhances the financial stability of artists but also contributes to the growth and sustainability of the music industry as a whole. By being at the center of these transactions, SoundExchange empowers creators and promotes a fairer distribution of revenue generated through digital channels.
In essence, SoundExchange's impact is felt across the industry, driving progress, community improvement, and the recognition of artists' rights in the evolving world of digital music.
This information is meant to be a general summary of Soundexchange Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $23,793,586
- Program Service Revenue: $72,492,989
- Gross Receipts: $99,235,665
Assets and Liabilities:
- Total Assets: $762,717,143
- Total Liabilities: $713,399,189
- Net Assets: $49,317,954
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ROYALTY COLLECTION
Revenue
$50,165,011
UNCLAIMED FUNDS
Revenue
$17,553,320
COST RECOVERY FEES
Revenue
$3,559,755
BAD DEBT RECOVERY
Revenue
$1,214,903
Organization Details
Founding Year
2003
Principal Officer
Michael J Huppe
Website
www.soundexchange.comNTEE Category
Code: S40 - Community improvement
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