The bill, in three parts, ensures all music rights holders are compensated more fairly for their work. It will create a publicly-accessible database, detailing who owns a song, making it easier for publishers and artists to be paid royalties. Song reproduction charges have also been updated, to reflect market rates, and sound recording royalty rates will also be taken into account when considering performance royalty rates for songwriters and composers.

The bill has been a long time coming, with companies such as online radio SiriusXM and licensing organization SESAC creating issues along the way, but as SoundExchange CEO Michael Huppe said: "The future of the music industry got brighter today. Creators of music moved one step closer to getting paid more fairly. And industry forces that fought to maintain an unfair and harmful status quo were rebuffed."