The indie label says it’s the first to create a standard for gifting writers a cut on the master side, citing the “decimation” of their income in the streaming era.
Facet Records will now grant songwriters three percentage points on every recording they release from the label’s share of the track, founder. A songwriter with credits on hits like Imagine Dragons’ “Believer” and Justin Bieber’s “Sorry,” among others, Tranter hopes to start a trend of labels sharing master income with songwriters and to bolster “the middle class of songwriters” that they feel has “been decimated” in recent years.
Home to emerging talent like Jake Wesley Rogers, Shawn Wasabi, Shea Diamond and YDE, with today’s announcement Facet Records is “the first company in the world to make this a standard practice,” says the company founder. While already revered hitmakers, such as Tranter, can occasionally negotiate for a half or single point on the master recording, working class songwriters typically never see revenue or ownership on the master side, “unless they also produced the song,” says Tranter.
“I figured instead of complaining and begging for change, I could fight the good fight myself first and at least do what I can to control the situation,” says Tranter. “Songwriters are the backbone of the business, the embryo, but only a few writers are living a life like mine, most everyone is left to starve.”
Earning a livable wage as a working songwriter has become harder in recent years due to a convergence of factors. In general, the publishing side of music produces less royalties than the master recording side does, but now, during the streaming era, songwriters face additional challenges.
While artists can bolster their income by looking to brand partnerships, touring and other revenue sources, songwriters are left to pay their bills with streaming, radio and sales alone. While the Copyright Royalty Board proceedings have led to some increases in U.S. streaming rates for songwriters in recent years, many feel it is not enough.
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