This code was proposed via the UK-government led Creator Remuneration Working Group in July 2024.
These commitments would address key concerns around creator remuneration. These objectives could also be achieved through legislation as proposed by the CMS Select Committee.
1. DIGITAL ROYALTY RATES
A modern digital royalty rate to be paid on all record and publishing deals, with a catalogue-wide commitment to pay royalties based on at-source income without deductions.
2. UNRECOUPED BALANCES
A rolling commitment to pay through on unrecouped balances on all record and publishing deals.
3. PERFORMER REMUNERATION
Introduction of a new performer fund, or extension of the existing session fund, managed by PPL that receives a percentage of streaming revenue to be distributed to featured and non-featured performers. This fund will be overseen by the Intellectual Property Office and there will be a mechanism for an independent audit.
4. COMPOSITION & PRODUCTION
As the % distributed value of the composition continues to fail to fully reflect its inherent value in all music, a commitment to standardise support for those who work speculatively on sessions that are commissioned by record labels, which might include per diems, points on recordings and holding fees on works where publication is restricted by labels – not to be recoupable from artist income.
5. LEGACY CONTRACTS
A use it or lose it commitment; a recurring contract adjustment right for unfair terms not otherwise covered by the code; and a reversion of rights after fifteen years (applied retrospectively).