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The statutory mechanical rate for physical and digital music sales has remained at $0.091 per track in the U.S. since 2006. However, that is set to change very soon.

A settlement was reached between the Recording Industry Association of America (RIAA)—who represents the interest of Universal Music Group, Sony Music Entertainment and Warner Music Group—with National Music Publishers’ Association and the Nashville Songwriters International Association. They collectively came to an agreement to increase the rate to $0.12 per track, representing a 32% increase.

The settlement is off to the Copyright Royalty Board, who is currently in the midst of proceedings that will set mechanical rates for 2023-2027. If they agree, this will be the first rate increase for physical and digital sales since 2006.

Read more here.