In its response to the Committee's report, the ISM says that it is particularly pleased that the report calls for fair remuneration, “an issue we have long campaigned on”.
ISM says that although streaming has become mainstream in recent years, the amount of money reaching musicians is often “pitifully low”, leaving the vast majority of musicians reliant on generating the bulk of their income from live performance. ISM says that whilst streaming has helped people listen to more music than ever before, the confidentiality clauses contained in the commercial agreements between streaming services and rightsholders leaves artists, composers and songwriters in the dark as to the terms of the deal. This lack of transparency makes it virtually impossible for artists, composers and songwriters to know whether they are receiving the correct amount of royalties.
ISM Chief Executive, Deborah Annetts, said:
“This report makes for essential reading in the music industry and now our sector needs the Government to look closely at its recommendations and make changes to support them. For too long creators have been without their fair share. A sustainable music industry must have fair remuneration at its heart and our members will be delighted to know that they are gaining support in Westminster, which our inquiry submission called for.
“The committee has investigated all parts of the complicated music ecosystem and while there are no quick fixes, the report highlights that too often the cards are stacked against the creator, which is an imbalance that needs addressing. We thank the Committee for its comprehensive work in producing this report, it is an important first step which will hopefully improve the situation for musicians.”
ISM says that, as founder members of the Fair Terms for Creators Campaign, it is committed to working with industry stakeholders to find an equitable, sustainable and transparent model for the licensing and distribution of royalties that is suitable for the streaming era. To read ISM's press release in full, click here.
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