Business

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”.

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

Additionally, SoundExchange says they are donating $10,000 to World Central Kitchen.

The DC-based organization is raising money to provide meals to Ukrainian families who have fled the country or are staying there.

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.

You can read Michael Huppe’s full letter below:


Dear Team,

I know that many of us are watching the horrific events unfolding in Ukraine and asking ourselves what we can do to help in this time of need.

At SoundExchange, we decided on two initial actions.

First, we have decided to terminate the agreement with the Russian Intellectual Property Organization (VOIS). We do not take this action lightly but believe it is important to show our support to the Ukrainian people. In the end, the stream of performance royalties between SoundExchange and VOIS is negligible, but in principle we believe this is the right course of action.

Additionally, SoundExchange is donating $10,000 to World Central Kitchen, a DC-based organization that is raising money to provide fresh, delicious meals to Ukrainian families, whether they have left their homeland or are in town. back to the country. To learn more about World Central Kitchen’s work, you can visit its website at: https://wck.org/.

It is difficult to fully understand what is happening in Ukraine and in other parts of the world, but I firmly believe that each of us can make a difference. I’m proud that SoundExchange, by taking these actions today, is speaking with one clear voice that all people deserve to live in peace in a vibrant, free society.

Thanks for everything you’ve done.

The best,

MikeWorldwide music business

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

Fry Electronics Team

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