After a prolonged course of and a good quantity of music business squabbling, the U.S. Senate unanimously handed the Music Modernization Act on September 19.
The MMA was developed as a direct response to a quickly altering and shifting music business that’s nonetheless sprinting to catch up to the upheaval attributable to streaming companies and the shift in how digital royalties are accrued and finally paid. The act will convey quick modifications together with royalties for artists and songwriters on songs recorded earlier than 1972, allocating extra royalties for music producers; and updating streaming service licensing and royalty guidelines to raised and extra simply pay rights-holders.
Overall, it means the piece of the trendy music business pie for creators and labels will get a bit of bit larger. Orrin Hatch, the senator from Utah who championed the invoice’s push via Congress, was fast to level out how rather more change the music business nonetheless wants in a press release. Says Hatch,