The following is an excerpt from Jan Wolfe | January 27, 2018 | reuters.com |
(Reuters) - U.S. copyright authorities on Saturday decided to increase over the next five years the royalty payments music streaming companies like Spotify and Apple Inc (AAPL.O) must make to songwriters and music publishers, a trade association for music publishers said.
The Copyright Royalty Board of the U.S. Library of Congress issued a written decision that altered the formulas used to determine how much of their revenue streaming companies must share with songwriters and the music publishing companies they typically hire to collect licensing fees on their behalf.
The National Music Publishers Association said the ruling, which has not yet been made public, will require streaming companies to give 15.1 percent of their revenue to songwriters and music publishers. The previous rate was 10.5 percent.
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