Musicians Fail To Claim Millions In Residual Income, Says Film Musicians Secondary Markets Fund
(Hypebot) — This year the U.S. Film Musicians Secondary Markets Fund collected $124 Million in residual income for musicians and composers, and millions of dollars are being unclaimed.
These residual payments were made by the Motion Picture and Television Producers who are operating under the AFM Basic Theatrical Motion Picture Agreement and/or the AFM Basic Television Motion Picture Agreement negotiated by the American Federation of Musicians.
This latest distribution represents 2021 fiscal year of April 1, 2020 through March 31, 2021.
The FMSMF collects residuals derived only from “secondary market” distribution of motion pictures. Residuals paid to the FMSMF do not include any revenue from any primary markets:
Residuals payable to the FMSMF are triggered only if a picture generates revenue in one or more of the secondary markets:
| Primary Markets | Secondary Markets |
|---|---|
| Theatrical Film | DVD/Home Video, Pay TV, Free TV (including Basic Cable), New Media |
| TV Film or Series | DVD/Home Video, Pay TV, In-Flight, New Media |
| Direct to Video | Free TV (including Basic Cable) |
| Direct to Pay TV | Free TV (including Basic Cable) |
| New Media | DVD/Home Video, Pay TV, In-Flight, some New Media |
Musicians and their beneficiaries can see if they are owed funds can search at https://www.fmsmf.org/
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