We are encouraged that the Copyright Royalty Board (CRB) has increased the rates to be paid by SiriusXM for the contributions of recording artists and record labels to the success of its service. Specifically, the initial determination sets rates at 9 percent in the first year, rising to 11 percent in the final year.
While we support the upward trend that this case demonstrates, the rates for the next term represent a below-market outcome. This is due in no small part to the CRB’s application of a special rate standard that permits below market rates for SiriusXM. We believe that all radio services should pay a fair market rate for their use of sound recordings.
We will continue to fight for the value of music and protect the rights of creators. Meanwhile, we are reviewing the lengthy opinion in greater detail, and have no comment on our plans moving forward at this time.
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