In February, MBW advised you that was planning to introduce a coverage that will see unrecouped balances disregarded for eligible catalog songwriters and artists on its books.
We had been advised on the time by senior sources within the music {industry} that this coverage can be confirmed publicly by UMG within the coming months.
At this time (March 31), UMG has executed simply that.
The coverage was introduced inside UMG’s Setting Social Governance (ESG) report, included in its Annual Report 2021, which was revealed at present.
Within the report, which additionally highlights initiatives on artist welfare, local weather change and Range, Fairness, and Inclusion, amongst different topics, UMG says it is going to be launching what it calls a “worldwide goodwill program for sure legacy featured recording artists and songwriters”.
This system will see UMG disregard unrecouped balances on advances for eligible artists.
Inside the report, UMG states: “Persevering with to construct an industry-leading custom of help applications for legacy artists, in 2022, UMG is proud to provoke a worldwide goodwill program for sure legacy featured recording artists and songwriters with unrecouped balances.
“By not making use of their unrecouped advances to royalty statements for any interval starting January 1, 2022, eligible creators and their speedy heirs who haven’t acquired any funds since January 1, 2000, will start receiving royalties, topic to sure situations.”
UMG says it’ll contact eligible artists and songwriters within the coming months.
At this time’s information signifies that UMG turns into the third main music firm to provoke an unrecouped stability program for legacy acts.
Final summer season, introduced that it will now not apply current unrecouped balances to earnings for eligible songwriters and artists who had been signed previous to the 12 months 2000, and who hadn’t acquired advances since.
In February, confirmed that it’s introducing a “legacy unrecouped advances program”, which is able to go into impact on July 1.Music Enterprise Worldwide
