Will labels finally start paying the people that butter their bread - the musicians and songwriters - as well as they compensate their fat-cat executives, lawyers, independent promoters and accountants? Probably not. Its just BMG, not all labels. Its just one facet of their accounting practices. And we'll have to wait and see if the execution of their plan is consistent with their press release.... In other words, dont run out and buy that new amp or guitar just yet.
BMG announced an overhaul of its royalty accounting practices yesterday that said it would assuage concerns that performers are being shortchanged on their earnings.
But while some artists and their representatives applauded BMG for its lone stand among the music labels, they said the industry still needed to change other accounting methods and better compensate performers for their work.
The new method will not change the amount of the royalties. But the label hopes that by simplifying its confusing practices, it will engender good will from performers who have long suspected the labels of cheating them by loading all sorts of unfair charges into the deductions.