Sirius XM Holdings Inc. has agreed to a legal settlement with independent and major record companies for its use of recordings created before 1972.
The satellite radio broadcaster will pay $210 million to plaintiffs ABKCO Music & Records, Capitol Records, Sony Music Entertainment, UMG Recordings, and Warner Music Group. The case is titled Capitol Records LLC et al vs Sirius XM Radio Inc.
The settlement provides a nationwide resolution for SiriusXM’s use of the plaintiffs’ pre-1972 recordings.
“This is a great step forward for all music creators,” said Recording Industry Association of America (RIAA) Chairman & CEO Cary Sherman. “Music has tremendous value, whether it was made in 1970 or 2015. We hope others take note of this important agreement and follow SiriusXM’s example.”
SoundExchange President and CEO Michael Huppe said, “While it unfortunately required a lawsuit to make Sirius XM do the right thing, we are pleased that these legacy artists are finally getting the respect—and compensation—they deserve for the use of their music. SoundExchange consistently champions the right for all artists to be paid fairly across all platforms, regardless of when their music was recorded.”