Copyright legislation has finally been passed after YEARS of negotiation, with both the House of Representatives and the Senate voting unanimously. Once it’s officially signed by #DonaldTrump, artists, songwriters, record labels and publishers will be able to make the money they truly deserve from their music.
After the bill was approved, Tennessee Senator Lamar Alexander made a statement saying, “This is the most important piece of legislation in a generation. It makes sure songwriters get paid and get paid fairly.” He added, “The Internet changed the music industry just like it has changed other industries..but copyright law didn’t keep up. [Copyright laws] were way out of date and hadn’t been modified since the days of the piano roll.”
According to #Billboard, the process was not easy with at least two Senators objecting to unanimous approval. #SiriusXM was the last group to compromise on the bill and eventually got everything they wanted with the exception of restoration of the 801(b) standard, which gives additional considerations not offered to other digital services when rates are being set. Due to so many changes being made during the process, the version of the bill passed by the Senate now has to go back to the House for approval before it can be signed into Law by Trump.
#Sony Chairman and CEO Martin Bandier gave praises to the Senate for the decision said in a statement, “This is a significant victory for all rights holders and we are confident that once the bill goes back to the House it will pass and become law shortly. It will go a long way to ensuring that songwriters and music publishers will be fairly compensated for their contribution to the streaming revolution, which has transformed music into a growth industry once again.”
John Josephson, SESAC Chairman and CEO, also applauded the Senators stating, “It’s truly a significant day and speaking on behalf of all SESAC affiliates, we’re thrilled the #MusicModernizationAct has passed the Senate unanimously. We urge the House to adopt the Senate bill for the President to sign, so the MMA becomes reality. We’re excited about the future of the music industry and modernization that allows all music creators to finally be paid more fairly for their hard work and dedication.”