The Copyright Royalty Board issued a landmark determination Tuesday (May 23) for Phonorecords III, maintaining an up to 44% raise for U.S. songwriters and publishers’ headline rate for mechanicals by the end of the period of 2018 to 2022. The ruling increases those royalties each year during the five-year period — from 11.4% to 15.1% of service revenue by 2022 — but also affirmed key requests from streaming services during their lengthy appeal.
Source: Songwriters’ Streaming Royalties Have Been Determined (Finally)
AI-powered music collaboration platform boombox.io has closed a seed funding round, securing $7 million in investments from Forerunner, super{set} startup studio and Ulu Ventures.
Warner Music Group‘s Chief Financial Officer Eric Levin says the proof is in that streaming music services can hike prices without harming growth – and he’d like to see DSPs move to recurring price hikes. During a Q&A session at JPMorgan’s Global Technology, Media and Communications Conference on Monday (May 22), Levin said the market “has proven it can bear rate increases,” and WMG is encouraging its streaming partners “to look very, very, very, very seriously” at raising rates.
Under this “groundbreaking” agreement, the two companies will use Endel’s proprietary AI technology to let UMG artists “reimagine” their music and create “science-backed soundscapes designed to enhance listeners’ wellness” using both new music and new versions of catalog music. Berlin-based Endel runs a cross-platform “ecosystem” of AI-powered apps that produce personalized sounds to help people focus, relax, and sleep.
