New York, NY (Top40 Charts) SiriusXM joined with Azoff
Music Management, the Recording
Industry Association of
America (RIAA), and the
National Music Publishers Association (NMPA), to announce an agreement on the
Music Modernization Act. The changes build upon existing language to confirm in law that artists will receive 50% of performance royalties from SiriusXM for pre-1972 sound recordings, and confirm that the existing sound recording royalty rate for satellite radio will remain in place unchanged until 2027, an additional five year period.
Greg Maffei, President and CEO of
Liberty Media stated, "We are pleased to join with the music community in sponsoring amendments that protect artists in this legislation. It is important that the music industry move forward so that artists can showcase their work throughout the United States."
Jim Meyer, Chief Executive Officer of SiriusXM added, "SiriusXM is a platform that respects and actively supports artists and all music creators, and we are delighted to have reached this agreement to help pass this bill."
Irving Azoff, founder, Azoff
Music Management, said, "This is a monumental occasion for artists and songwriters who are now assured - in law - that they will receive their deserved royalties. We are proud to be a part of this critical consensus and the ongoing fight for artists' rights."
Mitch Glazier, President, RIAA: "We are pleased that SiriusXM and the music community have come to an agreement that ensures the protection of artists, songwriters, publishers, labels, producers, and all music creators who will benefit from this long-sought, consensus legislation."
David Israelite, President & CEO, NMPA: "On behalf of the publishing community, we are grateful to have reached this agreement which finally puts another objection to this groundbreaking bill to rest, and are united around a key goal of protecting all those in the music ecosystem."
Dina LaPolt, attorney, NMPA: "I am ecstatic over the passing of the Orrin G. Hatch
Music Modernization Act through the U.S. Senate today. After 5 years of collaboration and helping to bring people together from all parts of the music business, we have finally harmonized as an industry. This is a historic occasion for the music industry, copyright reform, and marks the beginning of a new era for music creators in consensus with stakeholders industry-wide."
The
Music Modernization Act, S. 2823, including the CLASSICS Act, updates music licensing laws for the streaming era.
