The Music Modernization Act – Why It Is Important

Licensing reform for the 21st century music industry is expected to take a step forward Tuesday with the introduction of a new Music Modernization Act that combines key provisions of what were four separate legislative initiatives into a single bill that will update how music rates are set and how songwriters and artists are paid.

A key provision of the bill is for Congress to establish the equivalent of a SoundExchange for songwriters to track credits and distribute royalties when digital services use their work. The switch to a market-based rate standard for artists and writers, closing the pre-1972 loophole that denied digital compensation to legacy artists and the addition of copyright royalties for producers and engineers are other changes widely hailed as improvements by a wide range of industry organizations, from the Recording Academy and the RIAA to ASCAP, BMI, the American Association of Independent Music and the American Federation of Musicians.

Read the rest of the article on Variety

Leave a Comment

Your email address will not be published. Required fields are marked *