BMI has filed a legal action against SiriusXM after unsuccessful negotiations for fair royalties, citing their insistence on undervaluing music creators despite significant revenue growth.
BMI's President Mike O'Neill emphasized the need for fair compensation for music creators, criticizing SiriusXM for attempting to set outdated rates that don't reflect their current size and market impact.
The legal action arises after two years of negotiations where BMI argues that SiriusXM's offered rates do not align with their revenues, suggesting an undervaluation of the music driving their business.
O'Neill highlighted the changes in the marketplace and SiriusXM's transition from broadcast to digital as factors that necessitate a reevaluation of the royalty fees they pay.
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