Battle looms between artists and labels over song rights
Copyright law stipulates artists can regain ownership of their work after 35 years have passed -- record companies prepare for financial blow as deadline nears.
Story from The Takeaway. Listen to audio for full report.
One-hit wonders often spell long term rewards for record companies, which can make millions of dollars from legacy recordings -- as long as they own the rights. That may be about to change. A provision in U.S. copyright law stipulates that songs released after 1978 have "termination rights," which offer artists the ability to regain ownership of their work after 35 years have passed. With that deadline on the horizon, a battle is looming between artists and labels over song rights.
Rick Carnes, president of the Songwriters Guild of America, has written songs featured on over 40 platinum albums.
"We [songwriters] will eventually own the bulk of the copyrights, because the music publishers will only earn 35 years of the copyright," Carnes told The Takeaway. "This will be a godsend for artists because they will all of a sudden get an increase of 100 percent in their earnings."
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