(CelebrityAccess) — Following the announcement that Sony Music will no longer exact existing unrecouped balances from its legacy recording artists, Sony Music Publishing plans to launch a Legacy Unrecouped Balance Program for its qualifying songwriters as well.
According to Music Week, the program will see Sony Music Publishing no longer apply balances for unrecouped balances to earnings for eligible songwriters who were signed before 2000 and who have not received advances since.
The change will be retroactively applied to January 1st, with qualifying songwriters to be notified in the coming weeks, Music Week reported.
The policy change will allow many legacy songwriters to collect income from streaming music.
In a memo obtained by Music Week, Sony Music Publishing CEO & chairman Jon Platt said: “We have been working for some time to develop this plan, which complements Sony Music’s recently announced Artists Forward.”
“These efforts are a continuation of our songwriter-first approach and accompany our ongoing investment in administration modernization, including new SCORE data and analytics upgrades, Cash Out payment options, and real-time foreign royalty processing,” he added.
“With historic policy changes across our business, we are taking important steps toward creating a more equitable, transparent music industry for songwriters and all creators. On behalf of our teams around the world, it is our privilege to represent you as we begin this next chapter with Songwriters Forward,” Platt continued.