In The Know: SoStereo's Weekly Music News Summary August 3, 2018

SoStereo's weekly music news summary with a compromise around the Music Modernization Act, SOCAN making moves and more.
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SOCAN Acquires Fellow Collection Society SODRAC:

Canadian collecting society SOCAN (Society of Composers, Authors and Music Publishers of Canada) has made a move to become the biggest player in music performance and reproduction rights. They acquired (Society for Reproduction Rights of Authors, Composers and Publishers in Canada) SODRAN, allowing for the first time that one company will license, track and distribute all royalties for both performing and mechanical rights according to Billboard. Both are non-profits and SOCAN has 150,000 members, while SODRAC has 9,000 members.

Number of Britons Illegally Downloading Music Falls:

According to a YouGov poll, the number of people in the UK illegally downloading music is falling. One in ten Britons (10%) download music illegally, down from 18% five years ago. That number should fall too, as only 63% of those illegally downloading music say they will be doing that in five years. Streaming is a big reason for this, since it is easier to find a song on a streaming service and there is no cost to it. There is some frustration that when someone can’t find a song on a streaming service, they go and illegally download a song.

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Compromise Reached On Music Modernization Act:

After a contentious few weeks where SESAC and its owner Hedge fund Blackstone seemingly tried to kill the bill, a compromise has been reached that should allow the Music Modernization Act to pass. The bill was held up after it was in the laps of U.S. senators and SESAC and Blackstone introduced an amendment to kill a big part of the bill. A new collection agency Mechanical Licensing Collective (MLC) will be created that would in effect make Harry Fox Agency almost obsolete, collecting mechanical and performance royalties. Now with the compromise, the MLC will collect and administer mechanical royalty income from the DSPs like Spotify and Apple Music and not performance royalties, which are administered by BMI, SESAC and ASCAP.

Read more here.

Tim Cook Says Apple Music Has 50 Million Listeners, Tops Spotify In US, Japan:

Tim Cook on Apple’s quarterly earnings call was feeling confident about the performance of Apple Music. He said that the company has reached 50 million listeners, which includes subscribers and people on the three-month trial. He also stated that it had overtaken Spotify as the most popular streaming service in the United States, which had been predicted for some time, and also Japan.

Read more here.

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