The National Music Publishers’ Association (NMPA) has released its roundup of music industry news for February 2023. This month saw a number of important developments, including the announcement of new copyright legislation, the launch of a new streaming service, and the introduction of a new royalty collection system. Here is an overview of the key news from the NMPA Roundup for February 2023.
First, the U.S. Congress passed the Music Modernization Act (MMA) in February 2023. This legislation updates copyright laws to better protect music creators and ensure that they receive fair compensation for their work. The MMA also creates a new collective licensing system that will make it easier for music publishers to collect royalties from digital streaming services.
Second, a new streaming service called “TuneCore” was launched in February 2023. This service allows independent musicians to upload their music and get paid royalties for their work. TuneCore also offers a variety of tools to help artists promote their music and reach new audiences.
Third, the NMPA announced the launch of a new royalty collection system called “Royalty Exchange”. This system allows music publishers to collect royalties from digital streaming services more quickly and efficiently than ever before. The Royalty Exchange also provides detailed analytics to help publishers better understand their royalty streams.
Finally, the NMPA released its annual report for the year 2023. This report provides an overview of the music industry, including trends in streaming services, digital sales, and copyright law. It also includes an analysis of the impact of the MMA on the music industry.
Overall, February 2023 was an important month for the music industry. The passage of the MMA and the launch of TuneCore and Royalty Exchange are sure to have a positive impact on music creators and publishers. The NMPA’s annual report provides valuable insight into the current state of the industry and its future prospects.
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