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.

MBWGMR

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

Source: Confirmed: Universal IS overlooking unrecouped balances for heritage artists.

Confirmed: Universal IS disregarding unrecouped balances for heritage artists - Click To Share

Share on facebook
Share on twitter
Share on reddit
Share on linkedin
Share on email
Share on whatsapp

Other recent press releases

*This is a free press release. All upgraded press releases are ad-free!

LIVE on May 17, 9 AM ET: First UFO Hearing in Congress

The House Intelligence Counterterrorism, Counterintelligence, and Counterproliferation Subcommittee will hold an open hearing on Unidentified Aerial Phenomena on May 17. Following the open portion of the hearing, the subcommittee will hold a closed, classified briefing. Who Honorable Ronald S. Moultrie, Under Secretary of Defense for Intelligence and Security Scott W. Bray, Deputy Director of Naval Intelligence…

Infertile men may be twice as likely to develop breast cancer, study suggests

Infertile men may be twice as likely to develop breast cancer than those without fertility issues, according to one of the largest ever studies of the disease.Breast cancer in males is less common than in females and its relation to infertility had previously been investigated only in small studies. The new research was published in…