Sites like Vevo and YouTube have added revitalization to the music video business. Those sites pay fees to major music publishing companies for music videos, but according to CNET, the independent publishers have been left out.
On Tuesday, the National Music Publishers Association announced that it’s reached a “new model agreement” with Universal Music Group that aims to make sure indie publishers get their fair share.
“David Israelite, chief executive of the NMPA, told CNET this morning that the deal with Universal calls for the label to pay indie publishers directly and is the first of its kind with one of the top four record companies,” explains the post. “He said Vevo, the Web music video service that offers music from three of the four major labels, announced that it generated $150 million in revenue last year and has its sights on topping the $1 billion mark in coming years.”
Israelite also stated the deal is retroactive to 2008 and that negotiations with other major labels outside of Universal are in the works.
No Comments Yet
You can be the first to comment!
Leave a comment
You must be logged in to post a comment.