Back in April news broke about the Music Modernization Act being introduced to Congress. Later that month the act went on to be voted on by the House Of Representatives. Turns out that the bill went all the way up to the Senate, where it was passed by Unanimous Decision on September 19.
The passing of this act means numerous things for songwriters, singers, and musicians alike. It means a fair share of royalties, updated laws for music streaming & licensing, as well as the inclusion of producers and engineers as well. This is monumental as it’s the first time in history that they have been included in legislation like this.
The passing of the Music Modernization Act will also create a royalty for prior releases. This will include labels and artists alike for music which was created prior to February 15, 1972. Previously, these individuals were locked out of any further compensation.
It is no secret that although music, artists, and technology alike have evolved exponentially, the music industry as a whole is stuck in the stone age. Back in August, a Citigroup report discovered that musicians were only getting 12% of the revenue generated from their music. With this new act, that should drastically increase.
It will be interesting to see exactly how this will shake up the music industry. It will be even more interesting to see the ways in which it will shape the future of music. You can rest assured knowing that this is a great day for musicians everywhere.