It’s time for Congress to enact legislation which creates a fair music licensing system and a regulated path to proper compensation for creatives.
West Palm Beach, FL (PRWEB) January 09, 2018
Music industry finance firm Sound Royalties today 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 today:
“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.
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.