DIMA Statement on Phonorecords V Proceeding

Washington DC: Digital Media Association (DIMA), the trade association representing the leading music streaming services including Amazon, Apple Music, Feed.fm, Pandora, Qobuz, Spotify, Tidal and YouTube, issued the following statement regarding the Phonorecords V proceeding.

Graham Davies, President & CEO of DIMA commented: “Yesterday, the parties to the Phonorecords V proceeding submitted their written testimony and rate proposals to the Copyright Royalty Board. In this proceeding, which takes place every five years, the CRB will determine the mechanical royalty rates paid by music streaming services in the United States for the years 2028-2032. In the last proceeding, which concluded in 2022, publishers and DSPs reached a settlement, securing rates for 2023-2027 and laying the groundwork for future growth. According to the NMPA, U.S. music publishing revenues have grown more than 30% since 2022, from $5.6 billion to $7.3 billion, outpacing the growth of recorded music, and music streaming has continued to innovate and thrive. DIMA joins its member companies in looking forward to a timely resolution of this proceeding, and to continue building on the success of streaming for rights owners, music creators, and DSPs alike.”

CONTACT US