Tag Archives: Music Modernization Act

Media Questions Of The Week

When will Missy’s new music for 2019 be released? 

Why did President Trump disinvite some of the key music industry people behind the Music Modernization Act to the signing ceremony at the White House? 

 

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Sound Royalties Praises Passage of Music Modernization Act

West Palm Beach, FL – DATE – Sound Royalties, an industry-leading finance firm for music creatives, is commending the official passage of the transformative and much-needed Music Modernization Act. The bill, which contains sweeping changes to long-outdated copyright laws, was signed into law by President Trump earlier today, after unanimously passing the House of Representatives last month and receiving previous approval from the Senate.

In response to the news, Sound Royalties issued the following statement from its Founder and CEO Alex Heiche:

“For years, music professionals have been stuck in an archaic, broken system that made it extremely difficult for music services to locate and pay creatives. This should never happen in any industry, especially not one as centric to our lives as music.

“But today’s landmark passage of the Music Modernization Act is an enormous step in the right direction to correct this wrong and ensure that creatives are fairly compensated for their work. This was a long-awaited and hard-fought victory, and Sound Royalties salutes all those who battled tirelessly to make this dream a reality.

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The Music Modernization Act Passes Clears New Way For Royalty Payments

The U.S. Senate unanimously passed the Music Modernization Act of 2018 Tuesday night despite recent conflicts about it within the music industry. The legislation will not be complete until the House Of Representatives approves it and President Trump signs it. The act is designed to make it easier for copyright holders, producers and engineers to be compensated. Sirius XM and Music Choice opposed the bill with the former taking issue with recordings made before 1972 being recognized. Sirius XM also had a problem with terrestrial radio being exempt from paying royalties for master recordings and was lobbying against the act. 

Two-hundred artists including Paul McCartney and John Legend signed a letter threatening to boycott Sirius XM if they did support the bill. The company ultimately supported the bill after some last-minute compromises were made that included the promise from the RIAA and record companies to give them a fixed rate through 2027. 

The legislation is now called the Orrin G. Hatch Music Modernization Act because of Senator Orrin Hatch’s (R-UT) vehement support of the bill. Hatch is also a songwriter and him along with Senator Lamar Alexander (R-TN) called the act “the most important legislation in a generation.” The changes will streamline and ensure that artists, songwriters, producers, engineers and other music contributors receive royalty payments. 

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