February 25, 2021

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Songs Industry Financial Effect Report: RIAA Analyze

1 min read

The study will be firepower for legal rights holders and trade groups looking for assistance from Congress. It “charts a course for state and federal policymakers to leverage music’s means to produce solid economic progress and large-shelling out domestic employment,” mentioned Josh Friedlander, senior vp exploration and economics at the RIAA. After the Music Modernization Act’s passage in 2018, no supplemental copyright legislation should be expected any time soon, but the RIAA normally presses difficulties, such as the lack of a performance proper at broadcast radio, and conducts frequent Congressional outreach by way of Grammys on the Hill activities.

Inspite of the eye-grabbing figures that reveal music’s huge-achieving impression, the pandemic’s hurt to enjoyment industries looms in excess of the report. That was unavoidable supplied the lag time in receiving the hottest data from Census Bureau, Bureau of Economic Analysis, and personal-sector datasets. Not that the report has shed price. The RIAA referred to as the report “an vital pre-COVID benchmark” for tracking a return to normalcy. That’s true, but the condition of the new music organization in 2018 is far distinctive from 2020 or 2021 when each part of new music has been afflicted — with some, this kind of as touring, impacted significantly additional than other people.

Go through the entire report in this article.

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