December 15, 2017 | RIAA News
SATELLITE RADIO RATE DECISION IS “IMPORTANT MOVE IN RIGHT DIRECTION” BUT UNDERSCORES NEED FOR CRITICAL MUSIC LICENSING REFORM
SiriusXM has pocketed billions by paying below-market rates to music creators & continues to fight pre-1972 artists in court
WASHINGTON – The Copyright Royalty Board (CRB) has handed down its decision in the royalty rate case between music creators and satellite radio company SiriusXM for the years 2018-2022. The CRB’s decision can be found here. Below is a comment from Recording Industry Association of America (RIAA) Chairman & CEO Cary Sherman.
“The Copyright Royalty Board’s decision is an important move in the right direction, and we appreciate the work of the judges in reaching this decision in this case, but rates will remain short of what music creators actually deserve.
“For more than a decade, SiriusXM pocketed billions of dollars on the backs of music creators by paying below-market rates while the company crowed about record profits and boasted a market cap about the size of the entire recorded music market. At the same time, SiriusXM continues to go out of its way to file lawsuits to deny fair compensation to legacy pre-1972 artists who depend on that income for their living. That’s no record to be proud of.
“The structural flaws in the current music licensing system continue to hurt music creators and deprive them of a fair market return for their work. The need for music licensing reform is more critical than ever.”