Spotify, Apple Agree To Fund New Music Royalties Collective

By Tiffany Hu (November 15, 2019, 3:26 PM EST) -- Spotify, Apple and other major music streaming services have agreed to fund a new licensing collective created by the Music Modernization Act to collect and distribute so-called mechanical royalties to songwriters and publishers.

Under the deal, the streaming services will pay $33.5 million to get the Mechanical Licensing Collective off the ground, and then $28.5 million for the first year after the collective's formal launch in 2021, according to a joint statement circulated Thursday.

The funds, which will also be used to create the collective's public database of musical works, are to be divvied up among the digital services, which are...

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