ISM Signs New UK Code of Good Practice on Transparency in Music Streaming
The Incorporated Society of Musicians (ISM) has officially become a signatory to the new UK Code of Good Practice on Transparency in Music Streaming. The code, a collaborative effort agreed upon by the UK music industry, has been published by the Intellectual Property Office (IPO) in an effort to address the longstanding concerns surrounding transparency in the music streaming sector.
The voluntary framework aims to tackle the lack of transparency that has plagued musicians for years, exacerbated by the introduction of new business models by streaming services without proper consultation. The absence of transparency has become a growing issue, leaving artists in the dark about their earnings and the intricate digital supply chains within the streaming ecosystem.
This crucial development comes in response to the DCMS Select Committee’s report on the Economics of Music Streaming, which explicitly acknowledged the pressing need for action regarding transparency of royalty information and the complexities of digital supply chains in the music streaming industry.
The ISM is optimistic that the newly established code will be wholeheartedly embraced by all stakeholders in the music streaming landscape. The goal is for this code to serve as a comprehensive framework, addressing and remedying some of the real challenges faced by musicians in the ever-evolving realm of streaming.
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