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Record Labels, Music Publishers Near 'Net Licensing Agreement |
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Saturday, 12 June 2004 |
Record labels and music publishers have reached a tentative
agreement for payments of royalties to publishers for use of songs in
online music services, The Wall Street Journal reported on Monday
The
pact was reached during a Friday conference call between label and
publisher executives, and reportedly calls for the labels to pay
publishers a $1 million advance to use their music for the next two years.
The agreement, which is expected to be finalized this week, would remove
one of the major obstacles impeding the launch of major label-backed
digital music subscription services MusicNet and Pressplay. The two sides
will continue negotiations on a set royalty rate, and if unable to reach
an agreement the matter will likely be resolved in an arbitration
proceeding with the U.S. Copyright Office.
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Last Updated ( Saturday, 12 June 2004 )
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