SoundExchange, the premier music tech organization powering the future of music, has been included on Fast Company‘s prestigious list of the World’s Most Innovative Companies for 2023. The company is recognized for data partnerships and continuing efforts to increase efficiencies to make royalty payments faster and more accurate. SoundExchange is ranked number four among music companies on the annual list, alongside companies including BandLab, TuneCore, Universal Music Group, and Warner Music Group.
Fast Company’s 2023 list highlights the businesses at the forefront of their respective industries, paving the way for the innovations of the future. The companies selected are setting the standard with some of the greatest accomplishments of the modern world.
“It’s an honor to be recognized by Fast Company for the innovative work we do to modernize and streamline the music industry,” said Michael Huppe, President and CEO of SoundExchange. “For 20 years, SoundExchange has been a leader in establishing data and technology standards that get creators paid accurately and fairly for their work. Our mission keeps us looking forward, advocating for a stronger music industry that puts creators first.”
SoundExchange collects and distributes over $1 billion a year in noninteractive streaming royalties to a community of over 600,000 global members of creators and rights holders. It is the only organization of its kind in the world to pay out monthly, with 90% of royalties distributed within 45 days of receipt, and operates at the lowest administrative fee in the industry. SoundExchange is the largest global neighboring rights organization in the world, collecting performance royalties internationally through agreements in over 50 regions covering 85% of the globe and making up 42% of global neighboring rights collections by value.
With advocacy at its core, SoundExchange represents creators in the U.S. and abroad. In addition to winning substantial royalty increases in decisions by the Copyright Royalty Board, SoundExchange has been at the forefront of fighting for the American Music Fairness Act which would require corporate broadcasters to fairly compensate artists, session musicians, and vocalists when their songs are played on AM/FM radio.
The publication’s editors and writers sought out the companies making the biggest strides around the globe. They also judged nominations received through their application process. The World’s Most Innovative Companies is Fast Company‘s signature franchise and one of its most highly anticipated editorial efforts of the year. It provides a firsthand look at the inspiring and innovative efforts of companies across all sectors of the economy.
“What a strange and thrilling year it has been to honor this year’s Most Innovative Companies. This year’s list compiles some of the most cutting-edge groundbreakers who are changing our world every single day, from legacy organizations like McDonald’s to upstarts like MrBeast and institutions such as NASA. Everyone on this list does something completely, uniquely different, yet, they all have one thing in common: innovation,” said Fast Company editor-in-chief Brendan Vaughan.
Fast Company will host its third annual Most Innovative Companies Summit on April 19 and 20. The virtual summit celebrates the Most Innovative Companies in business and provides an inside look at cutting-edge business trends and what it takes to innovate in 2023. Fast Company‘s Most Innovative Companies issue (March/April 2023) is available online here, as well as in-app form via iTunes, and on newsstands beginning March 14. The hashtag is #FCMostInnovative.
ABOUT FAST COMPANY
Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation, and design, engaging the most influential leaders, companies, and thinkers on the future of business. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with our sister publication Inc., and can be found online at www.fastcompany.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 600,000 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.
