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(Credit: Yuri Suzuki)

Music

Warner Music Group scraps debts for heritage artists

@TomTaylorFO

Warner Music Group has revealed that it will be scrapping unpaid debts by artists who signed for the label prior to the year 2000. 

This announcement follows last year’s progressive move to begin paying royalties from streaming and music sales to artists who had signed to them before 2000 but were yet to collect their advances. 

“[We’ve] announced a legacy unrecouped advances program where, for our artists and songwriters who signed to us before 2000 and didn’t receive an advance during or after 2000,” Warner Music Group announced via Music Business Worldwide. 

Later adding: “We won’t apply their unrecouped advances to royalty statements for any period beginning July 1, 2022, or after. The program will also benefit other artist royalty participants such as producers, engineers, mixers and remixers.”

Representatives of Featured Artists Coalition and Music Managers Forum greeted the news positively. “Warner Music Group’s announcement is a positive step towards the artist-centric music industry that we advocate for,” they announced.

Adding: “The FAC and MMF have long campaigned for artists’ un-recouped balances to be written off after a fixed time period.”

Before concluding: “In light of this we are pleased that two of the world’s major music companies have now implemented this policy, recognising that such steps do not harm their business and help to create a fairer music economy.”