The annual NAMM 2020 (National Association of Music Merchants) convention held recently at the Anaheim Convention Center was a massive affair…as it so often is! Every aspect of the music industry was on full display throughout the four-day convention, such as audio hardware / software, musical instruments, live staging, publishers, songwriters and recording artists.
At NAMM, the biggest manufacturers in the music industry were showcasing their latest and greatest offerings, but for me, one of the greatest benefits was attending all the free panels, discussions and seminars. There was no limit to the amount of information you could glean from the professionals and industry personnel willingly sharing their knowledge.
For composers, songwriters and music producers, there were ample opportunities to learn about music licensing. Music creators and collaborators received advice on maintaining ownership of their musical works, while benefiting from the exploitation through various media outlets. Either through synchronization licenses, or selecting music libraries to represent their works, there are a variety of options for receiving revenue.
In another panel, top music lawyers discussed a variety of ways artists and performers could generate incomes and ensure that their creative efforts would be rewarded fairly. Thanks to the Music Modernization Act, there’s hope for preventing the unfortunate issue of unclaimed royalties, currently estimated at $250 million. There are many approaches for monetizing music industry talents, and it’s important to know about the general contract types that help those talents realize monetization.
At Vistex, we provide solutions for music royalties in the form of powerful calculations software. We can house contracts for both the music publishing industry, as well as record labels. The digital streaming age is upon us. Tik Tok alone is processing 50 million gigabytes of user-generated content daily. It takes powerful software to track who gets paid what.
The Recording Industry Association of America® reports there’s an estimated $19.1 billion in global recorded music royalties for 2019. It’s important that it all adds up for these music creators, and that they receive accurate renumeration for their efforts. With Vistex Music Maestro and Record Maestro products, music companies can be confident that their royalty obligations are properly paid out to their satisfied clients.