Definition
SoundExchange
The US organization that collects digital-radio neighboring-rights royalties for master owners and featured performers.
SoundExchange collects statutory royalties under US copyright law for non-interactive digital transmissions of sound recordings — satellite radio (SiriusXM), webcasters (Pandora's radio mode), and certain cable/internet services.
Splits: 50% to the master owner, 45% to the featured artist, 5% to non-featured performers (via the AFM & SAG-AFTRA Fund). Crucially, performers are paid directly — they do NOT have to go through the label.
If you perform on or own a master and have not registered with SoundExchange, you almost certainly have unclaimed money sitting there.