Songwriters are about to get more money from streaming services thanks to a new settlement.
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According to Billboard, “The Copyright Royalty Board approved a settlement struck by the NMPA [National Music Publishers’ Association], NSAI [Nashville Songwriters’ Association International], and DiMA [Digital Media Association] for streaming royalties owed to songwriters and publishers for the period of 2023-2027.”
The new agreement comes right before the end of the year—formally on Friday (December 30)—and it will go into effect from January 2023 to December 2027, according to the outlet.
“Starting January 1, songwriters will enjoy the highest rates in the world and the highest rates in the history of digital streaming,” said NMPA president and CEO, David Israelite in a statement. “Thanks to the many songwriter advocates who worked hard to make this happen. There are still many challenges ahead to ensure that songs receive their proper value, but the future is bright.”
According to Billboard, the settlement reveals that the rate will increase from 15.1% of revenue in 2023 to 15.2% in 2024. It will then increase a half a percentage point for the next three years topping out at 15.35% in 2027.
“We appreciate the Copyright Royalty Board for recognizing the benefits of this landmark agreement and the certainty it provides for streaming services, publishers, and songwriters alike,” offered DiMA president and CEO, Garrett Levin. “Thanks to the agreement, we can kick off 2023 focused on fans and continuing to grow streaming for the benefit of all stakeholders.”
“What a way to start 2023!!! So proud of our community ‘Starting January 1 songwriters will enjoy the highest rates in the world and the highest rates in the history of digital streaming,” shared Grammy Award-winning artist Autumn Rowe on Twitter. “Thanks to the many songwriter advocates who worked hard to make this happen’ -David Israelite”
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