This week’s ruling is an important step in the right direction for songwriters. Full-works or 100 percent licensing could have had serious, negative repercussions on songwriters.
WEST PALM BEACH, Fla. (PRWEB) December 20, 2017
Music-industry finance firm Sound Royalties is applauding the ruling of the U.S. Second Circuit Court of Appeals yesterday, which will allow for the continued and rightful practice of fractional licensing.
The court ruled against the U.S. Department of Justice’s appeal from earlier this year, and upheld a September 2016 ruling from the U.S. Southern District of New York, which determined that consent decrees don’t require full-works or 100 percent licensing and supported fractional licensing, which has been an industry standard practice for decades.
Sound Royalties, which continually advocates for the rights of songwriters and other music professionals, issued the following statement today in response to the news:
“This week’s ruling is an important step in the right direction for songwriters,” said Alex Heiche, the CEO and Founder of Sound Royalties. “Full-works or 100 percent licensing could have had serious, negative repercussions on songwriters, including driving down the purported value of their music and deterring the creative collaboration that generates the songs we all love.”
“Just like every other owner of an asset, songwriters should have the right to decide if they want to license their works and at what price. If we want the creation of new music to continue, then we must ensure that the creators behind these songs are fairly compensated for their work.”
About Sound Royalties
Founded by CEO Alex Heiche, Sound Royalties, LLC is a privately-owned specialty finance firm that helps music industry professionals fund personal and professional projects while allowing them to retain the rights to their music and royalties. The company’s core business is offering royalty advances of anywhere from $5,000 to $10 million, without having to deal with credit issues, while preserving all rights to the artist’s music. It does this by advancing artist royalties paid through music labels, digital performance royalties paid through Sound Exchange, songwriter royalties and performance royalties paid through music publishers and Performing Rights Organizations such as ASCAP, BMI and SESAC, and music streaming royalties from Spotify, Apple Music and YouTube. To date, Sound Royalties, LLC has worked with a wide range of leading music industry professionals, including Grammy Award winners, platinum recording artists and notable music industry executives in every genre. Learn more at https://www.soundroyalties.com.