Today, SoundExchange announced plans to collaborate with SourceAudio to provide a new solution for the rapidly growing podcast industry to secure music with fully integrated, global licenses. The collaboration would provide Podcastmusic.com, a digital music marketplace for podcasters, with access to SoundExchange's vast membership of music creators and offer licensing for label and publisher-owned music.
"The podcast industry is rapidly growing, and this collaboration will provide SoundExchange's music creators—both labels and publishers—with an additional way to monetize their work by making their music available on Podcastmusic.com if they choose," said Michael Huppe, President and CEO of SoundExchange. "Our collaboration with SourceAudio will make the process of licensing music simpler through a one-stop licensing marketplace."
With the podcast industry forecasted to produce more than $1 billion in advertising revenue by 2021*, Podcastmusic.com will provide music creators an opportunity to tap into this rapidly growing market by simplifying how podcasters license music for their programming.
This collaboration will enhance Podcastmusic.com's current database of 700,000 production and music bed tracks by providing a global license for all rights needed to use feature music in a podcast, including master use, performance, synchronization and mechanical rights.
The service will launch in 2020. Participation in this service by publishers, labels, and other rights owners is on a voluntary basis. Music creators interested in making their sound recordings available for podcasts can visit www.podcastmusic.com/rights-holders for more information.
* Interactive Advertising Bureau (IAB)/PwC. (2019). FY 2018 Podcast Ad Revenue Study: A Detailed Analysis of the US Podcast Advertising Industry: June 2019. Retrieved from https://www.iab.com/wp-content/uploads/2019/05/Full-Year-2018-IAB-Podcast-Ad-Rev-Study_5.29.19_vFinal.pdf
