Confirmed: Universal IS overlooking unrecouped balances for heritage artists
In February, MBW informed you that Universal Music Group [2,642 articles]”>Universal Music Group was preparation to present a policy that would see unrecouped balances neglected for eligible brochure songwriters and artists on its books.
We were informed at the time by senior sources in the music market that this policy would be verified openly by UMG in the coming months.
Today (March 31), UMG hasactually done simply that.
The policy was revealed within UMG’s Environment Social Governance (ESG) report, consistedof in its Annual Report 2021, which was released today.
In the report, which likewise highlights initiatives on artist well-being, environment modification and Diversity, Equity, and Inclusion, amongst other topics, UMG states it will be introducing what it calls a “worldwide goodwill program for particular tradition included recording artists and songwriters”.
The program will see UMG neglect unrecouped balances on advances for eligible artists.
Within the report, UMG states: “Continuing to construct an industry-leading custom of assistance programs for tradition artists, in 2022, UMG is proud to initiate a aroundtheworld goodwill program for specific tradition included recording artists and songwriters with unrecouped balances.
“By not using their unrecouped advances to royalty declarations for any duration start January 1, 2022, eligible developers and their instant beneficiaries who have not got any payments giventhat January 1, 2000, will start getting royalties, topic to specific conditions.”
UMG states it will contact eligible artists and songwriters in the coming months.
Today’s news suggests that UMG endsupbeing the 3rd significant music business to initiate an unrecouped balance program for tradition acts.
Last summertime, Sony Music Group [200 articles]”>Sony Music Group announced that it would no longer use existing unrecouped balances to profits for eligible songwriters and artists who were signed prior to the year 2000, and who hadn’t got advances consideringthat.
In February, Warner Music Group [2,024 articles]”>Warner Music Group, the world’s 3rd biggest music rights business, likewise verified that it is presenting a “legacy unrecouped advances program”, which will go into impact on July 1.Music Business Worldwide
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