SoundExchange Calls Senate Webcasting Bill 'A Money Grab By Big Corporations'
May 11, 2007 at 1:07 PM (PT)
SOUNDEXCHANGE weighed in today on the Internet Radio Equality Act introduced yesterday in the SENATE (NET NEWS 5/10), saying that it conducted an analysis that found the proposed rollback in royalties would save "big, highly profitable corporations like CLEAR CHANNEL, YAHOO!, AOL and MICROSOFT $100 million or more in royalty payments during the rate period 2006-2010, and that’s only if there is no growth in listeners."
SOUNDEXCHANGE Exec. Dir. JOHN SIMSON said, "This legislation is a money grab by big corporations at the expense of artists and labels. I don't see any other way to characterize this as anything other than naked corporate greed. It’s just not fair to artists. There are better, targeted ways to help the small webcasting businesses without resorting to selling out to the likes of CLEAR CHANNEL."