Music industry finance firm Sound Royalties has praised the proposed Music Modernization Act, which is currently making its way through Congress and garnering united support throughout the music community.
Sound Royalties issued the following statement on Jan. 9:
“Music professionals deserve to be fully paid for their work through transactions that are transparent and easy-to-understand. It’s time for Congress to enact legislation which creates a fair music licensing system and a regulated path to proper compensation for creatives,” said Sound Royalties Founder and CEO Alex Heiche. “The proposed Music Modernization Act is a huge step in the right direction, and it has been incredibly inspiring to see the music community come together in support of this much-needed and overdue change.”
The bipartisan music reform bill would update Section 115 of the U.S. Copyright Act to create a single licensing entity, funded by digital music services and governed by publishers and independent songwriters, that would provide blanket licenses for mechanical reproduction rights for all digital music services. It would also replace the single, respective rate court judges with a wheel approach whereby judges would randomly be assigned to each rate dispute lawsuit. Finally, the legislation would remove Section 114(i) of the Copyright Act, thus allowing a rate court to consider all relevant evidence when determining songwriter compensation, including the rates that artists earn, which currently and surprisingly, is prohibited by law.
Alex Heiche and the entire Sound Royalties team encourage fellow members of the music community, as well as general music lovers, to sign the growing petition in support of the Music Modernization Act.
