Cryptocurrencies will empower the music modernization act
President Trump signs new act designed to enable renumeration for music industry employees and artists through digital technologies such as blockchain and cryptocurrencies as leading figures welcome the legislation
President Trump has signed the Music Modernization Act, a new US law which alters the way artists are paid by streaming services in favour of the musician. Under the new legislation, musicians who recorded songs prior to 1972 are ensured royalty payments through streaming services as part of the new act. High profile music industry figures attended the signing including musicians like Kid Rock, Mike Love from the Beach Boys and Sam Moore.
The Music Modernization Act is an upgrade of the previous music copyright law and combines the Allocation for Music Producers Act, the Classics Act and Fair Pay Act. The latter excluded stipulations that radio should compensate artists for songs.
Figures in the technology industry welcomed the move, with Alex El-Nemer, Director Nexus, the cryptocurrency and blockchain enterprise saying, “For too long singers, songwriters, and musicians have been missing out on hard earned royalties due to an outdated copyright law that was unfit for an era of digital steaming services. This act will see complex payment processes come to an end, with instant renumeration through cryptocurrency and use of blockchain technology transferring power to the hands of the artists.
El-Nemer continued, “These measures will create a much fairer environment for artists, allowing them to get paid when their songs are streamed online via satellite and internet radio channels, and is long overdue to protect the future of the music industry.”
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