Michael Huppe, President and CEO of SoundExchange has issued the following statement on the Copyright Royalty Board’s recent decision on the WEB V royalty setting proceeding:
“This CRB decision means that creators will be compensated more fairly when their recordings are played on digital music services. While the rates are lower than SoundExchange and others proposed, they represent a step forward toward building a healthier music industry. The decision reflects the compelling case made by SoundExchange and our allies that we need to close the gap between what artists and rights holders have been paid and what they should be paid for their work.
We haven’t fully closed that gap, but today is a step in the right direction. As an organization representing the entire recorded music industry, SoundExchange is committed to the principle that artists and rights holders should be respected for their work. That includes when their music is played on AM/FM radio. The music industry is in a state of transformation, and that means each player in the industry – creator and streaming platforms alike – need to evolve, as well.
SoundExchange will continue to drive that evolution, because it knows that a healthy music industry is integral to society. We also want to recognize the tireless efforts and dedication exhibited by the CRB judges and staff throughout this process.”