Two days ago we posted news of a settlement between performance rights organization (PRO) BMI and the Radio Music Licensing Committee. That hard-won agreement resulted in a rate increase for BMI which was characterized as “historic.”
Today, ASCAP — a no less influential performance rights organization — puts out news of a similar agreement, following a similar lawsuit. No dollar numbers here, but the result is described as “substantially higher rates for songwriters and publishers.
“This deal locks in an important royalty stream for our members at higher rates,” ASCAP CEO Elizabeth Matthews said, as quoted in Billboard. “It will deliver enhanced benefits, payments and financial certainty to ASCAP songwriters, composers and publishers, which is important to ensuring their creative and economic health and security now and in the future.”
Exact terms of the settlement are not divulged.
