Big Machine Label Group and Clear Channel Media and Entertainment announced today an agreement that will align their business interests and accelerate growth and innovation in digital radio to the benefit of music fans and radio listeners.
Big Machine, which recently announced a rebranding, will become the first record company to directly participate in Clear Channel’s terrestrial broadcast revenues. Artists including Taylor Swift, Tim McGraw and Rascal Flatts are expected to benefit from the arrangement.
“Today, 98 percent of our listening is terrestrial broadcast and 2 percent digital — with record labels and artists only paid for the 2 percent,” John Hogan, chairman and chief executive officer of Clear Channel Media and Entertainment, said in a release. “This new agreement expands label and artist participation from just digital to terrestrial broadcast radio revenues in one comprehensive framework that will give all of us a great incentive to drive the growth of the digital radio industry and allow everyone to participate financially in its growth. This market-based solution helps bring the best in music to radio listeners wherever they want to hear it.”
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