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Now SoundExchange withdraws from Russia

Performing Rights Organization of the United States SoundExchange has become the latest company in the music industry to cut ties with Russia.

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SoundExchange CEO Michael Huppe announced the news to employees today (March 11) in a letter, seen by MBW.

In the letter, Huppe revealed that SoundExchange had terminated its agreement with the Russian Intellectual Property Organization (VOIS).

Huppe writes that SoundExchange does not “take this action lightly but believes it is important to demonstrate our support to the Ukrainian people”.

Huppe added: “Ultimately, the stream of performance royalties between SoundExchange and VOIS was negligible, but in principle, we believe this is the right course of action.”

Sound Exchange announcement follows news that Spotify no longer takes any money out of Russia – through advertising or subscribers.

While, Kobalt music group and downtown – got both in the last 24 hours confirmed that they are suspending business in/with Russia.

All three major music companies (Universal, Sonyand Warner) also announced this week it will be suspending its own business in the market.

In addition, headquarters in Paris Believe told MBW that it currently has no plans to suspend business operations in Russia. A company spokesperson told us that this is Believestrategy “for the time being”, but added that the company is “monitoring the situation very closely”.

Elsewhere, UK PRS for music action earlier this week, announced that it was “formally suspending, with immediate effect, our agency relationship with the RAO, the Russian collection of musical works, pending confirmation. separation from the Russian Government and the individuals and companies on the sanctions list”.

Group of patrons for music publishing collections associations – CISAC – did not suspend RAO from its global membership network, despite calls to do so from high-profile figures in the music publishing industry.

CISAC announced on wednesday (March 9) that it was launched a support fund dedicated to helping the victims of the war in Ukraine – but again stopped at the suspension of the RAO. The Fund was approved by the CISAC Council.Worldwide music business

https://www.musicbusinessworldwide.com/now-soundexchange-pulls-russia/ Now SoundExchange withdraws from Russia

Fry Electronics Team

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