This is a dangerous development for songwriters and everyone who believes that the men and women who write the songs that form the soundtrack of our lives deserve to be fairly compensated for their work.
West Palm Beach, FL (PRWEB) May 22, 2017
The Department of Justice shocked the music community last week by preparing an eleventh-hour appeal, seeking to overturn a September ruling from the U.S. Southern District of New York.* The prior ruling had 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, a specialty financing company tailored to the needs of music professionals, today released the following statement:
“This is a dangerous development for songwriters and everyone who believes that the men and women who write the songs that form the soundtrack of our lives deserve to be fairly compensated for their work,” said Alex Heiche, the CEO and Founder of Sound Royalties. “The reality is that 100% licensing forces the songwriters of co-written pieces to potentially sell their work to the lowest bidder.”
“What started out as songwriters and publishers hoping for new rules and regulations around licensing music in the digital age, somehow morphed into re-interpreting practices that have worked successfully since the 1940s. Challenging the earlier court ruling could put immense financial strain on songwriters who are already under growing pressure to make a living, and will deal a blow to musical creativity.”
About Sound Royalties
Founded by CEO Alex Heiche, Sound Royalties, LLC is a privately owned and funded one-stop source that helps music industry professionals get upfront cash based on future earnings potential while allowing the music professionals to retain the rights to their music and royalties. The company’s core business is offering noncredit-based advances and funding of anywhere from $5,000 to $10 million without having to deal with banks or traditional lenders, while preserving all rights to the artist’s music. 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.
*Department of Justice Appeals Consent Decree Ruling, BMI Hits Back, 5/18/2017, billboard.com/articles/business/7800937/department-justice-appeals-consent-decree-bmi-comment