Industry “Band Drama” This Political Season
Band drama. The bane of every musician’s existence.
As if it wasn’t bad enough dealing with flaky bandmates, crazy managers, and rapacious publishers, now there’s high drama for the industry ahead of the midterms.
Yes, no kidding. “Everything’s political” – dude – but it’s gotten even crazier these days. Even for the music business.
At issue is the Music Modernization Act, proposed legislation that would update the law on royalties. It’s backed by none other than the National Music Publishers’ Association – yes, the big ol’ NMPA that lobbies on behalf of (who else?) the music publishers. You know, Universal, Sony, Warner, and all the music publishers. And their songwriters and artists, theoretically.
And of course, what they’re fighting about is money.
The More Things Change…
Basically, Sirius XM Satellite Radio and others with a similar business model object to provisions that would treat them differently than traditional (broadcast) radio stations, which have never paid royalties – indeed, as the payola scandals have revealed, it’s the radio stations that are often paid. Radio stations have been exempt from royalties thanks to a sweet deal they negotiated over 80 years ago at the dawn of radio broadcasting. The deal the radio stations negotiated allowed them to broadcast music as a “promotion” so that they would not have to pay royalties. Now, radio and streaming music have different royalty rates.
It’s all rather convoluted, not unusual when it comes to corporate laws, but basically what the Music Modernization Act proposes is to allow the broadcast radio stations to keep their exemptions while requiring that digital radio stations such as Sirius XM pay royalties – something the latter finds unfair, understandably enough. And indeed, the legislative proposal benefits big publishers greatly, with some estimating over a billion dollars in revenue alone within just a year of passage.
To get an idea of just how stupendously big that number is, count to a billion…even if you take only a second to recite each number, it’ll take you thirty-one years…and eight months…and dozens more days….
True Music Modernization That’s Not Just an Act
Moreover, the NMPA aims to claim even royalties from unsigned and independent artists!
Now, there’s a better way to pay royalties: PeerTracks and its SOUNDAC blockchain technology engine ensures accurate and prompt payment to musicians whenever their work is enjoyed and streamed. No double-talking lawyers, no finagling accountants, no double-dealing managers – just fans and money. Accurately. And rapidly. PeerTracks music streaming platform and the SOUNDAC blockchain allows the songwriters and content creators to be in control of their works. These content creators can assign royalties to their publishers, co-writers, bandmates, labels and performing rights society. By giving more control to the songwriters and content creators, fair and accurate royalties will be paid accordingly.
One-hundred percent transparency means one-hundred percent visibility.
That’s the PeerTracks promise.
Leverage the power of the SOUNDAC blockchain and its XSD token with PeerTrack’s free-to-use music streaming platform. Find your fans for free – and take control of your material forever!
Blockchain music streaming technology will allow the writers and content creators to bypass the middleman in the music publishing industry by streamlining the process and offer transparent data. The blockchain is 21st Century technology for hassle-free DIY music distribution and promotion: sign up your songs with a smart contract for each so that you know exactly when and how often individual tracks are played…and paid – pronto!