Artists from some of the world’s best-known rock bands — including Radiohead and Pink Floyd — have accused the European Commission of “breaking promises” over musicians’ missing royalties, reports the Daily Telegraph. This comes as a draft lawon how royalties can be collected was unveiled by the Commission yesterday. The London daily writes —
The laws are designed to force the companies that collect royalties on the behalf of artists to hand them over at a speedier rate. So-called “collection societies” have been accused of keeping “substantial amounts of money” on their books, by the Commission.
However, the draft laws will allow societies 12 months – after the financial year in which a song was played – to pay royalties. If the royalty-owner remains unidentified, the funds can be kept by the collecting society after five years.
In a letter addressed to Commission, rock stars furious about delays to payment of royalties, like Nick Mason of Pink Floyd, stated —
You have broken your promises and encourage the management of collecting societies to keep the fruits of our creativity. You thus legitimise one of the most problematic forms of embezzlement adopted by some collecting societies in Europe.