Last year's Music Modernization Act created a powerful new structure to collect and distribute digital streaming royalties to songwriters and publishers. But passing the law was only the first step.
Now what's written on paper needs to be implemented and put in motion -- a responsibility of the U.S. Copyright Office, under the supervision and oversight of Congress. Perhaps the most important issue on the table, and one that is expected to be a major focus of the Copyright Office oversight hearing of the House Judiciary Committee on Wednesday, is the official designation of a group to manage the MMA's new Mechanical Licensing Collective .
The executives who make up the NMPA MLC slate have a huge conflict of interest: their fiduciary duty to their corporate employers to "maximize shareholder value." In other words, it's their legal obligation to deliver to their companies as much of the black box as possible.
So who do these unclaimed royalties belong to? For the most part, they belong to independent self-published songwriters and small publishers from the U.S. and all around the world, many without experience in the music business or lawyers to protect their interests. These creators provide tens of millions of songs that may not make the top 100 charts, but which do earn small amounts of royalties that add up to hundreds of millions of dollars.
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