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Business News (more headlines) 03-01-2014

BMI Statement On Songwriter Equity Act

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Commenting on the introduction of the Songwriter Equity Act, BMI Chief Executive Officer Michael O'Neill said:

"This bill is an important step on the road to fairness for the more than 600,000 songwriters and music publishers represented by BMI.

The current environment, where performances of sound recordings are valued at 12 times those of the musical compositions that underlie them, is untenable. Similarly, the rates set for making copies of musical works under Section 115 are artificially depressed and lack a relationship to the marketplace. We are simply asking Congress to take the evidentiary blinders off of the judges who control a significant portion of our writers' income from public performance and mechanical royalties.

We are grateful to Congressman Collins for his leadership on this important issue and for his support in co-sponsoring this important bill. We look forward to working with Congress to find an equitable solution."

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