In February, MBW informed you that Common Music Group was planning to introduce a coverage that may see unrecouped balances disregarded for eligible catalog songwriters and artists on its books.
We had been informed on the time by senior sources within the music {industry} that this coverage could be confirmed publicly by UMG within the coming months.
Immediately (March 31), UMG has achieved simply that.
The coverage was introduced inside UMG’s Atmosphere Social Governance (ESG) report, included in its Annual Report 2021, which was printed as we speak.
Throughout the report, which additionally highlights initiatives on artist welfare, local weather change and Variety, Fairness, and Inclusion, amongst different topics, UMG says will probably be launching what it calls a “worldwide goodwill program for sure legacy featured recording artists and songwriters”.
This system will see UMG disregard unrecouped balances on advances for eligible artists.
Throughout the report, UMG states: “Persevering with to construct an industry-leading custom of help applications for legacy artists, in 2022, UMG is proud to provoke a worldwide goodwill program for sure legacy featured recording artists and songwriters with unrecouped balances.
“By not making use of their unrecouped advances to royalty statements for any interval starting January 1, 2022, eligible creators and their fast heirs who haven’t obtained any funds since January 1, 2000, will start receiving royalties, topic to sure situations.”
UMG says it would contact eligible artists and songwriters within the coming months.
Immediately’s information signifies that UMG turns into the third main music firm to provoke an unrecouped stability program for legacy acts.
Final summer time, Sony Music Group introduced that it will now not apply current unrecouped balances to earnings for eligible songwriters and artists who had been signed previous to the 12 months 2000, and who hadn’t obtained advances since.
In January, Warner Music Group, the world’s third largest music rights firm, additionally confirmed that it’s introducing a “legacy unrecouped advances program”, which can go into impact on July 1.
Music Enterprise Worldwide
