Eligible creators can immediately choose to receive royalty payments through Zelle® as part of new mobile payments initiative
WASHINGTON, D.C. — November 3, 2022 — SoundExchange, the premier music tech organization powering the future of music, today announced that registered creators can elect to receive their royalty payments with Zelle® as part of a new, industry-leading effort allowing creators to easily and immediately receive royalty payments via mobile payment apps.
The new partnership strengthens SoundExchange’s accessible technology offerings for creators. Earlier this year, SoundExchange launched a new mobile app (now available in the app store for Google/Android and Apple/IOS) and digital tools to support its growing community of more than 570,000 creators.
“SoundExchange recognizes that more and more creators prefer to receive digital payments for performance royalties and is pursuing partnerships to make that a reality,” said Michael Huppe, President, and CEO of SoundExchange. “Expanding our mobile payment options to include Zelle® is the latest progression in our journey to build a fairer, simpler, and more efficient music industry. We are excited to be working closely with Zelle® to ensure creators can receive payments in the manner that works best for them.”
“In today’s gig economy, people expect to be paid fast right into their bank account,” said Kash Baghaei, chief product officer at Early Warning Services, LLC, the network operator of Zelle®. “We welcome SoundExchange creators to now use Zelle® to receive payments for their performance royalties – with money landing directly in their bank accounts.”
Creators can enroll with Zelle® through their financial institution and, for some, right from their smartphone through the convenience of mobile banking apps. SoundExchange will be able to send money directly to a creator’s bank account, typically within minutes if they are enrolled with Zelle®.
Zelle® is a fast and easy way to send and receive money from one bank account in the U.S. to another, using only a recipient’s email address or U.S. mobile number. It is offered by more than 1,700 banks and credit unions of all sizes across the U.S. Creators will still be able to receive royalty payments from SoundExchange via monthly domestic direct deposit in the U.S. and international direct deposit in select local currencies or quarterly paper checks.
SoundExchange is a critical source of revenue for music creators, collecting and distributing digital performance royalties on behalf of 570,000 music creators using proprietary technology solutions. To date, SoundExchange has distributed more than $9 billion in digital royalties directly to music creators, including $238.9 million during the third quarter of 2022.
About Zelle
Brought to you by Early Warning Services, LLC, an innovator in payment and risk management solutions, Zelle® makes it fast and easy for money to move. The Zelle Network® connects financial institutions of all sizes, enabling consumers and businesses to send fast digital payments to people and businesses they know and trust with a bank account in the U.S. Funds are available directly in bank accounts generally within minutes when the recipient is already enrolled with Zelle®. To learn more about Zelle® and its participating financial institutions, visit www.zellepay.com.
About SoundExchange:
SoundExchange is the premier music tech organization on a mission to power the future of music. It was independently formed in 2003 to build a fairer, simpler, and more efficient music industry through technology, data, and advocacy. The only organization designated by the U.S. government to administer the Section 114 sound recording license, SoundExchange collects and distributes digital performance royalties on behalf of 570,000 music creators and growing. Through proprietary music tech solutions that turn data into accurate revenue, SoundExchange has paid more than $9 billion in distributions to date. For more information, visit soundexchange.com.
Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.