Music
According to reports, the NMPA is seeking a 32.4% increase in the CRB headline rate to 20% of a digital service’s revenue for the Phonorecords IV (2023-2027). For comparison, Phonorecords III (2018-2022), was set at 15.1% of a service’s revenue in the final year. The CRB is yet to make a final decision on the rate for the next term as they will weigh the NMPA ask against what the digital services individually propose.
Latin US recorded music revenues grew by 37% to $407 million for the first six months of 2021, according to the RIAA's 2021 mid-year Latin revenue report. The genre now represents a 5.8% share of the overall U.S. market, which grew by 27% in the first half of 2021 compared to the same period last year.
The SEC recently green-lit the sale of shares in a song for the first time, reported by fan investment platform and royalties marketplace SongVest. In a move to allow fans to invest in a secure online marketplace, SongVest says the song “Hit the Quan” by ILOVEMEMPHIS has received an SEC qualification to publicly sell Buck Nasty’s share of producer royalties from the song via its platform.
Exploration: https://exploration.io/exploration-weekly-nmpa-seeks-32-4-crb-rate-increase-latin-music-us-revenues-up-37-mid-year-royalty-shares-receive-first-sec-qualification/
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#NMPA #CRBrate #LatinMusic #RoyaltyShares #SEC #MusicIndustryNews #ExplorationWeekly
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