1 00:00:00,880 --> 00:00:08,920 I hope it will set a durable framework for fair compensation for songwriters, for performers, 2 00:00:09,320 --> 00:00:16,140 while providing reasonable access to recordings, both for the listening public and for libraries 3 00:00:16,140 --> 00:00:18,140 and other public-serving institutions. 4 00:00:18,240 --> 00:00:23,980 I hope it will stand the test of time because Congress doesn’t legislate around challenging 5 00:00:23,980 --> 00:00:27,980 IP issues very often, so we very well may live with this for several decades. 6 00:00:28,480 --> 00:00:36,831 The Music Modernization Act treats various sectors of the music industry, or creative 7 00:00:36,831 --> 00:00:47,040 artists and songwriters and others in a much more fair way in terms of sharing the rewards 8 00:00:47,040 --> 00:00:50,960 for the creativity that takes place in that industry. 9 00:00:51,300 --> 00:00:57,480 And, I think it’s going to also help make it easier for people who create great music 10 00:00:58,040 --> 00:01:03,820 to get to more consumers, which, after all, has got to be the objective of anybody who 11 00:01:03,820 --> 00:01:06,220 loves the work and loves the music that they create. 12 00:01:06,840 --> 00:01:16,420 There’s been a patchwork of laws over the last several years and none of them have really 13 00:01:16,420 --> 00:01:18,900 kept up with the technology. 14 00:01:18,900 --> 00:01:25,700 And this is an effort to bring the law up with the way music is heard by people today.