27 tainly no bargaining here. If the originally licensed rate was 24, Likewise, "budget discounts" are granted routinely by most publishers Licensing Under A Higher Statutory Rate If the statutory rate is increased, licensing will be handled just as now, because of the following persistent, compelling reasons. More than 50,000 licenses a year will continue to be issued on behalf Licenses will continue to be issued in a routine, near-automatic Only rarely will there be significant individual bargaining between The foregoing facts explain why it is that over 99% of all licenses For the same reasons, under a higher statutory rate, the vast 28 Conclusion Let me now sum up the conclusions of our study. An objective analysis of the recording industry must reach the conclusions shown in Exhibit K. incomes have increased much faster than both the Cost of Living and Median Family Income. An increase in the statutory rate would have impacts quite con- Pressures toward higher record prices. Reduction in riskier, experimental, innovative musical - Reduction of exposure of newer and lesser-known artists and groups. Reduced employment of musicians, studio engineers and What I have just presented is a summary of the extensive, heavily documented study that has been placed before you. I would be glad to answer any questions you may have. |