Res 0368-2024

Whereas, Streaming music services have become the dominant method of music consumption, accounting for 84 percent of total recorded music revenue in the United States in 2022, according to the Recording Industry Association of America (RIAA); and Whereas, Revenues from paid subscription services have grown for seven consecutive years and reached $10.2 billion in 2022, according to RIAA; and Whereas, According to RIAA, there were more than 1.9 trillion songs streamed on demand in 2022; and Whereas, A Business Insider report from 2020 found recording artists earn a royalty rate as little as $0.0033 per stream; and Whereas, At the rate of $0.0033 per stream, it would take more than 800,000 monthly streams for a recording artist to earn the equivalent of a $15-per-hour full-time job; and Whereas, Over 14,000 working musicians live in New York City, according to a report published by the Office of the New York City Comptroller; and Whereas, New York City's musicians contribute substantially to the City's cultural landscape and economy; and Whereas, According to the Comptroller's report, many musicians in New York City face volatile employment situations and economic insecurity; and Whereas, On March 7, 2024, Congresswoman Rashida Tlaib and Congressman Jamaal Bowman introduced the Living Wage for Musicians Act, which would create a new streaming royalty with the aim to compensate artists and musicians more fairly at a minimum of a penny per stream when their music plays on streaming service; and Whereas, The Living Wage For Musicians Act would direct a portion of streaming platforms' subscription and non-subscription revenue to a non-profit distribution fund that would pay artists proportionately to their monthly streams; and Whereas, The Living Wage for Musicians Act was introduced in the 118th Congress but has not yet been reintroduced in the current legislative session of the 119th Congress; and Whereas, The Living Wage for Musicians Act includes a maximum payout per track, per month, to generate more sustainable income for a broader and more diverse set of artists; now, therefore, be it, Resolved, That the Council of the City of New York calls on the United States Congress to reintroduce and pass, and the President to sign, the Living Wage for Musicians Act. EA LS 16321, 16344 5/27/25