Today in this extedned episode, we discuss recent advancements in the UK music industry aimed at improving artist remuneration from music streaming. The Minister for Creative Industries, Arts and Tourism announced new label-led principles agreed upon by major UK record labels and industry bodies. These measures are designed to boost earnings for legacy artists, songwriters, and session musicians, addressing concerns that artists aren't receiving a fair share of streaming revenue. The government will monitor the effectiveness of these voluntary principles and reserves the right to introduce legislation if they fall short of delivering real change for creators.

Key Takeaways:

• UK record labels have agreed to new label-led principles to increase artist earnings from streaming.
• Legacy artists will benefit from measures like disregarding unrecouped advances and clearer contract renegotiation processes, potentially increasing their digital rights rates.
• Songwriters will receive per diems (£75/day plus expenses) for the first time, and Sony UK will fund a new support program.
• Session musicians will see increased session fees and a review of their income from broadcast and public performance.
• The Government plans to monitor the implementation of these principles over 12 months and may intervene with legislation if improvements are not seen.

Definitions:

• Unrecouped advances: Money paid to an artist by a label that has not yet been "paid back" through the artist's earnings, often preventing them from receiving further royalties.
• Per diems: Daily payments made to cover expenses, such as travel or accommodation, often for songwriters attending writing camps.
• Legacy artists: Musicians who signed their original recording contracts before the advent and dominance of music streaming services.

Discussion and Reflection Question: Considering these new voluntary principles, how might they impact the long-term financial stability and career prospects for artists across different stages of their musical journey?

Source: Mu

Support the show

Follow and subscribe to 'The Bench Report' on Apple, Spotify, and YouTube for new episodes daily: thebenchreport.co.uk

Subscribe to our Substack

Shape our next episode! Get in touch with an issue important to you - Producer Tom will grab another coffee and start the research!

Email us: [email protected]

Follow us on YouTube, X, Bluesky, Facebook, Instagram and TikTok! @benchreportUK

Support us for bonus and extended episodes + more.

No outside chatter: source material only taken from Hansard and the Parliament UK website.

Contains Parliamentary information repurposed under the Open Parliament Licence v3.0...