(CelebrityAccess) — Broadcast Music Inc. (BMI) and the Radio Music License Committee (RMLC) announced they have reached a settlement in their court proceeding, which will result in a rate increase for the radio industry.
The rate under the new agreement, which will be applied retroactively to January 1, 2022, was not disclosed. A joint statement from BMI and the RMLC described it as “historic” and reflective of the PRO’s market share in the radio industry.
“BMI sought a rate that reflected our market-leading share of the music performed on radio stations across the country, and I’m pleased to say we achieved our largest rate increase ever for the radio industry,” said Mike O’Neill, President and CEO of BMI. “This new deal ensures BMI’s songwriters will be more fairly compensated for the performance of their music on this incredibly important platform. Negotiation is always better than litigation, and we’re pleased to have worked together with the RMLC to achieve this outcome.”
“We are pleased to have reached an amicable agreement with BMI, which underscores how strongly the radio industry values its partnerships with songwriters,” added RMLC Chair Ed Atsinger. “This agreement also provides the radio industry with the ability to plan for the long term while avoiding the substantial costs and uncertainties associated with the rate court process.”
