MMF & FAC statement re: Sony unrecouped balances
26 May 2022 - Press releaseAnnabella Coldrick, Chief Executive, MMF and David Martin, CEO, FAC:
We welcome the news that Sony Music Entertainment are to disregard unrecouped balances on artists' accounts on a rolling, annual basis. The policy echoes measures that the FAC and the MMF have long been calling for. It means that every 12 months a new cohort of artists can benefit from the growth in music consumption and finally earn an income from their work. Sony's approach, writing off debt in this way, is the right one, marking a further step towards fairer and more collaborative relationships between labels and artists.
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