ARLINGTON, Va.--(BUSINESS WIRE)--The following statement is attributable to Michael Petricone, senior vice president of government and regulatory affairs, Consumer Electronics Association (CEA)®, following today’s hearing on the Internet Radio Fairness Act:
“Current law requires Internet radio companies to pay vastly more in royalties than other digital or over-the-air music sources. By imposing disproportionately high costs on Internet radio companies, the government is effectively picking winners and losers in the digital music marketplace.
Unsurprisingly, the Internet streaming ecosystem is not healthy. Unjustifiably high royalty rates discourage new competitors and many Internet streaming companies have closed or left the industry.
By rationalizing the royalty structure, the Internet Radio Fairness Act will stimulate investment in the internet music industry. That means more royalties for artists, more choices for consumers, and more exciting new products and services for Internet music.
The current royalty system is unjustifiable, and changes proposed in the bill are common sense and long overdue. We urge Congress to vote for innovation and pass the Internet Radio Freedom Act as quickly as possible.”
The Consumer Electronics Association (CEA) is the preeminent trade association promoting growth in the $206 billion U.S. consumer electronics industry. More than 2,000 companies enjoy the benefits of CEA membership, including legislative advocacy, market research, technical training and education, industry promotion, standards development and the fostering of business and strategic relationships. CEA also owns and produces the International CES – The Global Stage for Innovation. All profits from CES are reinvested into CEA’s industry services. Find CEA online at www.CE.org, www.DeclareInnovation.com and through social media: https://www.facebook.com/#!/CEAfeed, http://twitter.com/ceafeed, http://blog.ce.org/.
2013 International CES
January 8-11, 2013, Las Vegas, NV