by Mike Masnick
Thu, May 28th 2009 9:50am
The various music collection societies keep insisting that they're just the important middlemen helping make sure artists get the royalties they're due. Except, for some reason, they keep getting caught not actually giving that money to artists, but hanging on to it themselves. Billboard reports that the Dutch collection society, Buma/Stemra, is happily telling people that revenue rose by 2% last year -- though, oddly, the Billboard report leaves out one rather interesting detail. Reader Marcel de Jong notes that Buma/Stemra invested a bunch of the money it collected for artists into the stock market and then lost a chunk of it, so it's paying artists less money than it collected for them. What's unclear is if Buma/Stemra would have paid out more if it had made money... and also why it's gambling on the stock market with money it supposedly collected for artists.
If you liked this post, you may also be interested in...
- JPMorgan CEO Jamie Dimon Says The Government Will 'Stop' Bitcoin
- Texas Attorney General Sues Self To Stop Self From Releasing Documents He Says Can't Be Released
- IP Enforcement Czar Wants To Hear From You About Government's IP Enforcement Plan
- Dutch Collection Society Found To Be Source Of Infringing Content
- Anti-Piracy Group Caught Pirating Song For Anti-Piracy Ad... Corruption Scandal Erupts In Response