Sirius XM has reached a settlement with SoundExchange, ending outstanding claims surrounding royalty payments from January 2007 through December 2017. SoundExchange claimed that Sirius XM had taken deductions and exemptions in calculating its royalty payments. The satellite radio company will make a lump sum payment of $150 million to SoundExchange, which will then distribute the money to labels and artists. Rights holders whose recordings were used during the settlement period will receive a portion.
“We are happy to resolve this case with SiriusXM,” SoundExchange President and CEO Michael Huppe said. “The settlement allows us to distribute additional royalties to SoundExchange’s artists and rights owners while avoiding additional costly litigation.”