SoundExchange, the entity tasked with collecting and distributing royalties for the use of recordings on non-interactive digital services, just recently unveiled this latest milestone via a brief release. SoundExchange towards the beginning of 2024 indicated that it had distributed over $1 billion during 2023, up from about $959 million in 2022. Bearing in mind this growth the $12 billion milestone will presumably arrive within the next year or so.
Source: SoundExchange Announces $11 Billion Distribution Milestone