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This excerpt taken from the SIRI 10-Q filed Nov 1, 2007. Copyright Royalty Board Proceeding. We are a party to a proceeding before the Copyright Royalty Board of the Library of Congress to establish the royalty rates and terms for the sound
recordings we use on our satellite radio service for the period from 2007 through 2012. A trial in this matter was held by the Copyright Royalty Board throughout the summer and concluded in October 2007.
As part of this proceeding, we have filed a rate proposal requesting the Copyright Royalty Board to establish a royalty rate for calendar year 2007 of $1.60 for each feature performance we make of a copyrighted sound recording that is not otherwise licensed. We have also proposed that this royalty rate be adjusted each subsequent year by a percentage equal to the percentage change in aggregate satellite radio subscribers during the preceding year. SoundExchange, a collection and distribution organization representing record labels and performing artists, has proposed a royalty rate consisting of the greater of a specified percentage of revenue or a per-subscriber fee. The SoundExchange proposed fees would increase as our number of subscribers increase, in seven steps that start at the greater of 8% of total revenues or $0.85 per subscriber per month, if we have fewer than 9 million subscribers, and end at the greater of 23% of total revenue or $3.00 per subscriber per month, if we have 19 million or more subscribers. SoundExchange has also proposed, as an alternative that it describes as less-preferred, a monthly per-broadcast, per-subscriber fee structure, which it claims is calculated to reach similar fee levels if we continue with our current level of music performances. The Copyright Royalty Board must set a rate that is calculated to achieve four statutory objectives:
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We believe that the fee we proposed achieves these objectives. We expect the Copyright Royalty Board to render a decision establishing a rate for the sound recordings we use on our satellite radio service by the end of the year.
This excerpt taken from the SIRI 10-Q filed Aug 9, 2007. Copyright
Royalty Board Proceeding. We are a
party to a proceeding before the Copyright Royalty Board of the Library
of Congress to establish the royalty rates and terms for the sound recordings
we use on our satellite radio service for the period for 2007 through 2012.
In June 2007, the hearing before the Copyright Royalty Board commenced,
with both us and XM and SoundExchange, the organization that collects and
distributes royalties for digital music services on behalf of artists
and music labels, presenting evidence in support of their direct cases.
In July 2007, we, XM and SoundExchange filed our rebuttal cases in this
proceeding; and in August 2007, the Copyright Royalty Board will convene
a hearing to permit the parties to present rebuttal evidence.
As part of this proceeding, we originally proposed a royalty rate of 0.89% of our satellite subscription revenue. We have filed an amended rate proposal requesting the Copyright Royalty Board to establish a royalty rate for calendar year 2007 of $1.20 for each performance we make of a copyrighted sound recording. We have also proposed that this royalty rate be adjusted each subsequent year by a percentage equal to the percentage change in aggregate satellite radio subscribers during the preceding year. SoundExchange has proposed a royalty rate consisting of the greater of a specified percentage of revenue or a per-subscriber fee. The SoundExchange proposed fees would increase as our number of subscribers increase, in seven steps that start at the greater of 8% of total revenues or $0.85 per subscriber per month, if we have fewer than 9 million subscribers, and end at the greater of 23% of total revenue or $3.00 per subscriber per month, if we have more than 19 million subscribers. SoundExchange has also proposed, as an alternative that it describes as less-preferred, a per-broadcast fee structure, which it claims is calculated to reach similar fee levels if we continue with our current level of music performances. The Copyright Royalty Board must set a rate that is calculated to achieve four statutory objectives:
40
We believe that the fee we proposed achieves these objectives. We expect the Copyright Royalty Board to render a decision establishing a rate for the sound recordings we use on our satellite radio service by the end of the year.
This excerpt taken from the SIRI 10-Q filed May 10, 2007. Copyright
Royalty Board Proceeding. We are a party
to a proceeding before the Copyright Royalty Board of the Library of Congress
to establish the royalty rate and terms for the sound recordings we use on our
satellite radio service for the period for 2007 through 2012. In October 2006,
we and XM Radio filed our direct case in this proceeding with the Copyright Royalty
Board and proposed a royalty rate of 0.88% of our satellite radio subscription
revenue. SoundExchange, the organization that collects and distributes royalties
from various digital music services on behalf of artists and music labels, simultaneously
submitted its direct case in this proceeding and proposed an increasing royalty
rate, beginning at 10% of our gross revenues in the first year and culminating
at 23% of our gross revenues in the sixth year. This submission of direct cases
is the beginning of a twelve to eighteen month process which, absent an agreement
among the parties, will result in a determination by the Copyright Royalty Board
of an applicable royalty rate. Discovery in this matter is ongoing.
The Copyright Royalty Board must set a rate that is calculated to achieve four statutory objectives:
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We believe that the fee we proposed achieves these objectives and is consistent in principle with the fee established under the same standard for digital cable audio.
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