Market Overview

Sound Royalties Applauds GMR and SESAC for Championing Fair Pay for Songwriters

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Sound Royalties, a specialty financing company tailored to the needs of music professionals, today released the following statement, expressing its support of songwriters and PROs in the ongoing fight to achieve fair pay for radio play.

West Palm Beach, FL (PRWEB) August 17, 2017

Sound Royalties, LLC, issued a statement today in light of SESAC's recent victory on radio royalty rates, and the ongoing battle between the Global Music Rights Organization (GMR) and the Radio Music License Committee (RMLC) in this arena.

RMLC sued GMR last year based on the latter seeking increased rates from commercial radio stations for music performance licenses.* Interim contracts have allowed stations to continue playing GMR tracks, as the conflict continues.

Sound Royalties CEO Alex Heiche said the following today:

"Music is more intertwined in our lives today than it ever has been. Instead of just playing predominantly in the car, it's now on at work, at the gym, while we make dinner. It's almost constantly with us. But despite the fact that people are consuming more music than ever before, somehow the writers behind the songs driving our lives are being paid less.

"No in-demand industry operates without change for half a century, yet that's exactly what is happening here. Radio rates have barely increased in 50 years, leaving even successful songwriters struggling to make ends meet. Thankfully, GMR and SESAC's pushback to RMLC has shined a bright light on this serious issue plaguing the music industry.

"These works of art should be evaluated fairly on a free market, and music professionals have the right to decide who negotiates on their behalf. And if entities are not willing to pay a song's determined worth, then those not willing to license it shouldn't be allowed to play it.

"The battles being fought by these PROs are critical not only to their own songwriters, but to the music community overall. All music professionals and their PROs, even those currently dictated by consent decrees, will benefit from the ripple effect of these actions when free market rates are truly established."

About Sound Royalties

Founded by CEO Alex Heiche, Sound Royalties, LLC is a privately-owned specialty finance firm that helps music industry professionals fund personal and professional projects while allowing them to retain the rights to their music and royalties. The company's core business is offering royalty financing of anywhere from $5,000 to $10 million, without having to deal with credit issues, while preserving all rights to the artist's music. To date, Sound Royalties, LLC has worked with a wide range of leading music industry professionals, including Grammy Award winners, platinum recording artists and notable music industry executives in every genre. Learn more at http://www.soundroyalties.com.

*Case number 2:16-cv-06076, U.S. District Court for the Eastern District of Pennsylvania.

For the original version on PRWeb visit: http://www.prweb.com/releases/2017/sound-royalties/prweb14611088.htm

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