Committee Passes Music Modernization Act, Would Close ‘Pre-1972 Loophole'

Pollstar: A new bipartisan bill introduced April 10 in the House of representatives would create a new collection entity and close the “Pre-1972 Loophole” so digital services pay legacy artists fair market compensation. The bill was introduced April 10 as the Music Modernization Act by House Judiciary Committee Chairman Bob Goodlatte (R-Va.) and Ranking Member Jerrold Nadler (D-N.Y.) , one week before the Recording Academy’s annual “Grammys on the Hill Awards and Advocacy Day.” The next day, the House Judiciary Committee paved the way for the bill to become law.