Royalty Rates From Satellite Music Services Proposed
October 30, 2006SoundExchange Proposes Fair Royalty Rates From Satellite Music Services for Artists and Record LabelsMonday October 30, 6:20 pm ET
Proposal to Copyright Board Emphasizes Mutual Partnership Growth
SoundExchange, the non-profit organization that collects and distributes royalties from various digital music services on behalf of artists and record labels, today submitted its case to the Copyright Royalty Board ("CRB") charged with setting rates that XM & Sirius satellite music services will pay for their streaming of sound recordings during the next six-year license term, ending in 2012.
Recognizing that music forms the foundation for the two satellite services, SoundExchange's request for royalties beginning at 10 percent of revenues and gradually increasing over the six-year term is a reasonable rate based on the findings of several leading experts.
Today's submission is the beginning of a 12-18 month process which will result in a determination by the CRB of what it believes is a fair payment for the use of artists' and record labels' sound recordings. "The essence of satellite radio is music," said John Simson, Executive Director of SoundExchange. "Without music, XM and Sirius would not exist. We are asking simply that these companies recognize our substantial contribution to their business by paying a fair price to artists and record labels for their creativity and investment."...read more:
here10/30/2006 08:58:00 PM
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