Music Publishing News Roundup 3.9.15: ASCAP, Songwriter’s Equity Act, Pandora & More
This week's music publishing roundup looks at ASCAP's $1 billion milestone, Congressional re-introduction of the Songwriter's Equity Act and Pandora's dominance in music streaming.
ASCAP topped one billion dollars in revenue in 2014, being the first time that any performing rights organization has collected so much money. As this company has been fighting for survival within the digital age, it has also been finding efficient ways to distribute a significant amount of money to thousands of songwriters. As ASCAP and BMI’s licensing is regulated by the federal government, it has become a debated topic as it results in low royalty rates and in relation to this, Senate Judiciary subcommittees will hold a hearing on ASCAP and BMI’s consent decrees.
The Songwriter Equity Act has been reintroduced to Congress regarding section 114 and 115 of the Copyright act with the goal to achieve better rates for songwriters. This act represents a step in the direction to create a fair market royalty rate for streamed or downloaded music as well as updating the current music licensing system. This is a hopeful work in process and is commended by music representatives.
Pandora is appearing as the leader in streaming according to a recent report from Edison Research and Triton Digital. As music streaming’s popularity consistently increases so does the opportunity to targeting different groups that haven’t dived on these services, specifically ages 25 to 54. The main question of 2015 is how the on-demand steaming market will pan out with both young and old consumers.
