Spotify, Apple and other streaming services paid nearly $425 million in historical unmatched royalties to the Mechanical License Collective.

“This is a massive win for music creators and the streaming services themselves,” National Music Publishers Association President/CEO David Israelite said in a statement after the news was announced. “Songwriters and music publishers have for years fought to ensure they were paid accurately and fully by digital streaming services. ‘Unmatched money’ has plagued the industry and today, thanks to the Music Modernization Act, we know that it amounts to just under $425 million – not including money previously paid out in multiple million-dollar settlements. The Mechanical Licensing Collective obtaining this historically unmatched money, doing the research to find its owners, and giving copyright owners a transparent process to claim what is theirs is exciting progress that paves the way for the future growth of streaming that will benefit the entire industry.”

Source: Streaming Services Pay Nearly $425 Million to Songwriters, Publishers – Variety