Apple, Spotify and other major streaming music companies have recently contributed to a total of $424 million for unmatched song royalties computed under ‘Music Modernization’ Act. The money will be distributed to publishers and songwriters beginning April of 2021.
The Music Modernization Act has computed the amount based on data usage from twenty streaming companies and taken the receipt for royalty payments. Apple gave $163.34 million, while Spotify contributed $152.23 million. Amazon put in $42.74 million while Google added $32.86 million. Tidal, SoundCloud and Pandora were notable companies who chipped in as well.
David Israelite, CEO and President of National Music Publishers Association has mentioned that music publishers and songwriters have been fighting to get paid accurately by streaming companies. David said that because of the Music Modernization Act, ‘unmatched’ money for royalties has amounted to $424 million. Copyright owners can now claim what’s theirs, and the settlement allows for progress that benefits the whole industry.