In news from the digital music economy: Performing rights organization SESAC says its acquisition of the Harry Fox Agency has been completed.
HFA is a U.S. mechanical rights organization; this acquisition plan was announced in July and had to be approved by the board of the National Music Publishers Association, which owned the Fox Agency.
“The transaction positions SESAC as the only music rights organization in the United States, with the ability to offer singular licenses for the works of its affiliated writers and publishers that aggregate both performance and mechanical rights,” SESAC has stated. “This allows SESAC to drive greater efficiency in licensing for music users, as well as enhanced value for music creators and publishers.”
Harry Fox has a huge databases of musical works that the companies say includes metadata on 6.7 million compositions and 21.4 million unique master recordings. SESAC plans to integrate this information with its own data and create a rights tracking, royalty accounting and payment platform for the music industry.
Read the original announcement here.
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