The British Academy of Songwriters, Composers and Authors (BASCA) has called for music publishers to share 'fairly and transparently' any revenue made from Spotify's upcoming listing on the New York Stock exchange with songwriters and composers.
In February, the digital streaming platform filed to go public on the New York Stock exchange, with commentators valuing the company in excess of $19bn (£13.5bn).
BASCA – which supports, protects and campaigns for the interests of songwriters, lyricists and composers – has warned that any profits made by publishers from the listing should be shared fairly with songwriters and composers, whose catalogues are being 'exploited'.
It also expressed concerns over Facebook's recent licensing deals with major music publishing companies, saying that no pledge has been made by music publishers 'to equitably share any financial benefit derived from such licenses with songwriters and composers.'
Vick Bain, chief executive officer of BASCA said: 'Facebook and other user generated content platforms, as well as digital services such as Spotify have benefited incalculably from exploiting our members work and indeed this has allowed them to become among the world’s wealthiest corporations.
'They, and the publishers who license music to them, have an obligation and a duty to safeguard the future sustainability of our industry and to ensure that songwriters and composers are given their fair due of these potential riches.'
Crispin Hunt, BASCA chair, added: 'The so-called "evergreen" catalogue is arguably only so verdant because it has been historically over-watered in lieu of correct data.
'With the potential of today’s technology for granular digital data, such anachronistic inaccuracy is no longer excusable in music – the right music must receive the right monies. If it’s played it should be paid.'
In February, the digital streaming platform filed to go public on the New York Stock exchange, with commentators valuing the company in excess of $19bn (£13.5bn).
BASCA – which supports, protects and campaigns for the interests of songwriters, lyricists and composers – has warned that any profits made by publishers from the listing should be shared fairly with songwriters and composers, whose catalogues are being 'exploited'.
It also expressed concerns over Facebook's recent licensing deals with major music publishing companies, saying that no pledge has been made by music publishers 'to equitably share any financial benefit derived from such licenses with songwriters and composers.'
Vick Bain, chief executive officer of BASCA said: 'Facebook and other user generated content platforms, as well as digital services such as Spotify have benefited incalculably from exploiting our members work and indeed this has allowed them to become among the world’s wealthiest corporations.
'They, and the publishers who license music to them, have an obligation and a duty to safeguard the future sustainability of our industry and to ensure that songwriters and composers are given their fair due of these potential riches.'
Crispin Hunt, BASCA chair, added: 'The so-called "evergreen" catalogue is arguably only so verdant because it has been historically over-watered in lieu of correct data.
'With the potential of today’s technology for granular digital data, such anachronistic inaccuracy is no longer excusable in music – the right music must receive the right monies. If it’s played it should be paid.'
