Strong Finish to a Record Year
2018 is in the books, and we’re extremely proud of what we accomplished on behalf of music creators. Passage of the Music Modernization Act (MMA) was a profound policy achievement that modernized U.S. copyright laws. The MMA includes the CLASSICS Act, which guarantees federal copyright protection for sound recordings recorded before February 15, 1972 and ensures that legacy artists receive compensation for their work. The new law also includes the AMP Act, which codifies SoundExchange’s practice of honoring Letters of Direction (LODs) from recording artists.
But that’s not all. We had another accomplishment in 2018. We distributed more sound recording performance royalties to recording artists and rights owners than in any other year of our 15-year existence – a record $953 million. We reached that historic milestone with a strong fourth quarter, distributing $345 million in Q4 to music creators. We’ve achieved so much, but now we’re focused on 2019. As we look ahead, rest assured that we will continue to do all we can to make sure music creators get paid fairly and that the industry operates in the most efficient, transparent way possible.