Songwriters New Royalty Rate for 2023/2027
Songwriters New Royalty Rate for 2023/2027 below is an article about the development of Songwriters New Royalty Rate for 2023/2027 agreement.
Music Publishers and Streaming Services Announce New Royalty Rate for Songwriters.
From 2023 through 2027, Spotify, Apple, Amazon, YouTube, and Pandora have agreed to gradually increase publisher and songwriter royalties to 15.35% of revenue collected.
The Digital Media Association (DiMA), the National Music Publishers’ Association (NMPA), and the Nashville Songwriters Association International (NSAI) have publicized their new agreement for the Phonorecords IV proceeding that determines publisher and songwriter royalties. The change will be “phased in over the five-year term”, and brings with it a total increase of .25%, up from the 15.1% rate set in the Phonorecords III proceeding.
In addition, the three organizations have shared that the settlement “includes a number of changes to other components of the rate” including “increases to the per-subscriber minimums,” a reworked “treatment of ‘bundles’ of products or services that include music streaming,” and an updated system that governs “how services can offer incentives to attract new subscribers.”
DiMA president and CEO Garrett Levin, head of the organization that represents streamers Spotify, Amazon Music, Apple Music, YouTube, and Pandora, shares that—“For streaming services, this moment presents an opportunity to pursue new collaborations with publishers and songwriters in the context of economic certainty that will support continued innovation.”