A code of practice to provide clarity over methods of calculating and reporting revenues from music streaming has been published.
Music Week reports that the voluntary code, published by the Intellectual Property Office (IPO), has been developed and agreed by 12 music industry bodies representing music creators, record labels, publishers, digital service providers, distributors and collecting societies.
Those to have signed up include Association of Independent Music, the British Phonographic Industry, the Independent Society of Musicians, the Musicians’ Union and PRS For Music.
The IPO will have oversight of the code and its implementation and will convene meetings of signatory organisations every six months to consider how the code is working, with a formal review in 2026.
"The Code is intended to act as a stimulus for companies and organisations to provide ever better communications with each other and with music makers," the IPO said.
"It seeks to create a race to the top by driving up standards and encouraging parties to be transparent.
"For the avoidance of doubt, any failure to abide by this Code shall not constitute a breach of any legislation or any relevant contracts, including licensing, recording, publishing and distribution agreements, which are regulated by their own terms."