Music Modernization Act Signing Boosts Relevance of 2018 “By Artists, For Artists” Report
The music industry applauded the signing, on Thursday, Oct. 11, 2018, of the Music Modernization Act into law. This legislation underscores one of the main tenets of the 2018 By Artists, For Artists report which stresses that artists of all disciplines should be adequately compensated for their creative work.
According to Rolling Stone Magazine the law accomplishes the following: “1) makes sure songwriters and artists receive royalties on songs recorded before 1972; 2) allocates royalties for music producers; 3) it updates licensing and royalty rules for streaming services to pay rights-holders in a more streamlined fashion, via a new, independent entity. Under the act, many music creators will have a more reliable way of collecting the money that they’re due.”
— Forbes (@Forbes) October 11, 2018
Billboard magazine writes, “…the compromise legislation, which ultimately took much more compromise than the initial version of the bill anticipated, will present a whole new set of business conditions on the music publishing industry that hopefully will be worth with the reward of higher rates for songwriters and publishers.”
The Billboard magazine article cited above goes on to explain in detail some of the challenges administrators will face enacting provisions of the law. It is well worth the read.
See also: “Key Music Modernization Act Proponents Disinvited to White House Signing Ceremony“