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Yesterday the Music Modernization Act (full title: the Orrin G. Hatch-Bob Goodlatte Music Modernization Act) was signed into law.
The act updates streaming payments to artists who recorded prior to 1972, and increases royalty rates for current artists. It also expedites the royalty process.
BMI’s President and CEO Mike O’Neill delivered a statement on the wide-ranging new law: “This is truly a historic moment for the music industry, especially for the American songwriters and composers at its core, who will see significant and deserved benefit from this legislation.
Passage of the Orrin G. Hatch-Bob Goodlatte Music Modernization Act was a hard-fought process that hinged on tremendous collaboration and unprecedented support among diverse stakeholders who ultimately united to safeguard the future of music. We are gratified by this extraordinary outcome that recognizes the essential contributions of creators and streamlines the use of their music across businesses.
While BMI will keep advocating to protect the livelihood of music creators in the digital age, we thank Congress and the President for taking this important step in implementing the most meaningful music licensing reform in decades.”