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COMING UP:Share Opener Variant 3

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Transcript

00:00:02
>> In a rare win for songwriters and some struggling musicians, federal copyright authorities, over the weekend, decided to increase the royalty fees that music streaming companies like Spotify and Apple must pay to the people who actually write the music. The National Music Publishers Association hailed the ruling, which has not yet been made public.
00:00:22
And it said it will require all streaming companies, Spotify, Apple, Google, Pandora, and Amazon to give 15% of their revenue to songwriters and music publishers, up from the previous rate of 10.5%. The decision from the US Copyright Royalty Board, which consists of three judges, changes the formulas for determining how much revenue streaming companies must share with artists over the next five years.
00:00:46
The popularity of music streaming services has pushed songwriters and publishers to demand a larger cut of the royalties, as music streaming didn't even exist when some artists signed their last record deals. And while the trade association cheered the new higher royalty fees, it estimates that songwriters and publishers will still only get a little more than a quarter of what their record labels pull in.