Net radio royalty group splits from RIAA

SoundExchange, the organization created by the Recording Industry Association of America to distribute Webcasting royalties, said Tuesday that it completed its spinoff from its parent.

The newly independent group retains a board membership with control split evenly between representatives from record companies and artists. By law, the organization is required to give 45 percent of Webcasting royalty revenue directly to artists and 50 percent to record companies. In its three years of operation, SoundExchange has distributed more than $10 million in royalties, the group said.