Songwriter royalties will get a cost of living increase for music sales beginning in 2024 for vinyl, CD, cassette and digital downloads. According to a new document, published Tuesday (Dec. 12), the Copyright Royalty Board (CRB) upped the U.S. statutory mechanical royalty rate from the current rate of 12 cents to 12.40 cents if the song has a run time of five minutes or less. (If over five minutes, the rate is 2.39 cents per minute.)
Source: Songwriters Earn 2024 Cost of Living Adjustment for Physical and Digital Sales