RIAA Strikes Internet Licensing Deal
It's being talked about like it's a big step, but it hardly seems like much of a concession for the companies that deal with online music much less for the consumer.
The RIAA announced a preliminary deal with music publishers Tuesday, paving the way for major labels to launch Pressplay and MusicNet — services that will essentially rent music to fans on the Web.
Though a final royalty structure hasn't been worked out, the Recording Industry Association of America will pay the Harry Fox Agency an advance of $1 million against future royalties, according to a statement issued by the RIAA. The Harry Fox Agency is the copyright licensing arm of the National Music Publishers' Association and represents 27,000 music publishers, who in turn represent more than 160,000 songwriters, the statement said.
Source: Moreover News
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