Tunecore Reports $300 Million in Artist Payments Since Inception
In reaching the high-water mark of paying out $300 million to its clients since the company's inception, TuneCore claims that company revenue has grown to $50 million in the first five months of 2013, representing 20 percent growth over the $250 million the company had paid out by the end of 2012.
The company noted that streaming is growing at a phenomenal rate, and said that cumulative streams and downloads now exceed three billion units compared to the 1.8 billion counted through the end of 2012. However, the company did not break down streams versus downloads.
"Hitting this $300 million earnings milestone is something to be celebrated, and we congratulate all our TuneCore Artists," TuneCore COO Scott Ackerman wrote in a statement. "TuneCore's mission has always been about giving all artists the opportunity to easily and affordably get their music heard anywhere in the world and receive 100 percent of the revenue from the downloads and streams of that music."
Tunecore, which pays out all revenue it collects from digital services directly to artists, charges those clients an introductory album fee of $29.99 for the first year and $49.99 each following year.