XM Satellite Radio [Nasdaq: XMSR], Sirius Satellite Radio [Nasdaq: SIRI] and SoundExchange, have agreed to royalty rates and terms for the public performance of copyrighted sound recordings by the satellite digital radio services. The agreement covers through the end of 2006. Financial terms were not disclosed.

“The royalties paid under this agreement will be an important new revenue stream for the 3,000 labels and thousands of artists we represent,” said SoundExchange Executive Director John L. Simson.

“The agreement once again compensates artists and copyright owners for public performances of their creative works.”