, ▁four ▁years ▁after ▁the ▁Digital ▁Mill en ni um ▁Copy right ▁Act ▁granted ▁web c aster s ▁an ▁automatic ▁license ▁to ▁play ▁copy right ed ▁music ▁provided ▁that ▁a ▁royal ty ▁was ▁paid , ▁a ▁length y ▁ ▁arbitr ation ▁process ▁was ▁concluded , ▁and ▁a ▁royal ty ▁rate ▁was ▁set . ▁Sound Ex change ▁was ▁sp un ▁off ▁from ▁the ▁R I AA ▁and ▁became ▁an ▁independent ▁non - pro fit ▁corpor ation ▁in ▁ 2 0 0 3 . ▁ ▁Sound Ex change ' s ▁first ▁executive ▁director ▁was ▁John ▁Sim son , ▁a ▁music ian , ▁att orney , ▁and ▁artist ▁manager . ▁ ▁Sim son ▁left ▁the ▁organization ▁in ▁ 2 0 1 1 ▁and ▁was ▁replaced ▁by ▁Michael ▁Hu ppe . ▁In ▁ 2 0 1 8 ▁it ▁was ▁announced ▁that ▁the ▁organization ▁had ▁extended ▁his ▁contract ▁through ▁ 2 0 2 1 . ▁He ▁also ▁serves ▁as ▁the ▁chairman ▁of ▁the ▁board ▁of ▁S X Work s , ▁a ▁subs idi ary ▁created ▁by ▁Sound Ex change ▁following ▁its ▁ac quisition ▁of ▁the ▁Canadian ▁Musical ▁Re production ▁Rights ▁Association ▁( C MR RA ). ▁ ▁S X Work s ▁provides ▁administration ▁and ▁back ▁office ▁services ▁to ▁publish ers ▁to ▁support ▁multiple ▁lic ens ing ▁configurations . ▁▁ ▁In ▁ 2 0 1 2 , ▁the ▁company ▁announced ▁that ▁it ▁had ▁paid ▁over ▁$ 1 ▁billion ▁in ▁roy alt ies ▁since ▁ 2 0 0 3 . ▁As ▁of ▁ 2 0 1 8 , ▁it ▁had