SoundExchange Sets Royalty Deals With Sirius XM, Others

Authored by Mark Hefflinger on August 3, 2009 - 9:54am.

Washington - SoundExchange, the entity set up by major record labels to collect and distribute digital music royalties, announced late last week that it has reached new agreements with Sirius XM (NASD: SIRI), College Broadcasters Inc., and the National Religious Broadcasters License Music Committee.

The agreements, negotiated under the Webcaster Settlement Act of 2009, set royalty rates for music streamed online by the broadcasters through 2015, and feature "pre-set annual increases to reflect the rising value of sound recordings."

"Agreements like this one are an important step forward for the industry, and should enable SiriusXM to grow its webcasting business while appropriately compensating artists and rights holders," said SoundExchange general counsel Michael Huppe.

SoundExchange said a fourth agreement was also signed which will be confirmed publicly in coming weeks.

Related Links:
http://www.soundexchangeblog.com