Published: 2024-01-31 by, News Team in the TV & Entertainment news category

UK Music Industry Unveils Transparency Code to Ensure Fairness in Streaming Royalties

The UK music industry is set to undergo a transformative shift with the introduction of a new music streaming code aimed at safeguarding the rights and transparency of UK artists in the digital age.

Published by the Intellectual Property Office (IPO), the UK code of good practice on transparency in music streaming has garnered support from 12 leading music industry bodies, including the British Phonographic Industry (BPI). This voluntary code signifies a collective commitment to enhancing transparency and accountability across the music streaming ecosystem, fostering a fairer and more equitable environment for music creators.

Viscount Camrose, Minister for AI and Intellectual Property, hailed the code as a testament to the UK's proactive stance in championing the rights of creatives. He emphasized the importance of ensuring that artists receive the protections and royalties they deserve, particularly in an era dominated by streaming platforms.

Key provisions outlined in the code include guidelines for labels and publishers to transparently disclose royalty calculations, share royalty information, and facilitate independent legal representation for artists during contract negotiations. Furthermore, it mandates clear, timely, and accurate royalty accounting information to be provided to relevant parties, empowering artists to audit financial data related to their music streaming.

Crucially, the code serves as a pledge from the music industry to prioritize transparency and accountability, with signatories committing to uphold its principles. While non-compliance does not constitute a breach of legislation, the code sets a new standard for industry practice, fostering a culture of openness and fairness.

Mr. Camrose underscored the UK's leadership in safeguarding the rights of creative minds, highlighting the transformative impact of the code in ensuring that artists receive due recognition and compensation for their contributions to the vibrant music landscape.

Culture Secretary Lucy Frazer echoed these sentiments, emphasizing the pivotal role of the music industry in projecting the UK's soft power globally. She stressed the importance of providing musicians with a clear and accessible framework for understanding streaming royalties, applauding the collaborative efforts of the music industry in developing the code.

The establishment of an industry working group, chaired by the IPO, underscores the government's commitment to fostering collaboration and driving positive change within the music industry. As the code prepares to take effect on July 31, a formal review will be conducted two years later to evaluate its impact and assess industry compliance, ensuring that the rights and interests of artists remain safeguarded in an ever-evolving digital landscape.

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