As of October 18th, 2021, Soundrop has upgraded our payout system to improve tax handling and payout options for creators around the globe. This change requires you to supply your tax information. For more information click here.
What has changed?
- We've added new payout options.
- Even if you'd like to keep your current payment method, you will have to re-enter your payout preferences & details.
- We now collect tax information, and provide end-of-year tax documents.
- Depending on where you live, tax withholding may be required on some earnings.
Why the change?
- Like most distributors, we’re updating our policies around tax information to adapt to trends in how fans consume music. As consumer music formats evolve from physical products to download sales to streaming, we’re adapting to those trends.
- By collecting tax information, we can provide pertinent tax reporting that is important to the creators we serve.
- Tax compliance is an important piece of providing the best service to the creators who use us, and being a good steward of the music industry.
How do I do this?
1. Gather the following:
- If you’re a U.S. person: a social security number, EIN or other tax ID
- If you’re a non-U.S. person: your local tax identification number
- Your payout information: banking details for direct deposit (fee applies) or your PayPal account info
2. Log in to Soundrop, and enter (or re-enter) your payout and tax information. This action is required to continue to receive payouts.
Tax Information
Our new payout system will collect tax information and provide year-end tax forms to you. This information is required in order for us to pay you.
Some countries require tax withholding on U.S. streaming revenue prior to payout. This chart shows the tax withholding rates that apply to each country. More about tax information is here.
Disclaimer: We cannot offer advice about your specific tax obligations. If you have questions please consult a local tax professional.
Your November 15th Payout
Make sure you update your payment and tax information before your monthly payout for uninterrupted payments. If you don't update your information, you'll get your Nov. 15th payout with your December 15th payout if you have updated your information before the December payout.
Your prior payments
Soundrop is in the process of loading all your 2021 payment history in the "Recent Payments" section. If you need to see a record of all your payments, you can still see that in the Transactions section.