LONDON, April 4, 2016 /PRNewswire/ --
On the 18th of March a letter from the British Intellectual Property Office was delivered to the London office of Soundreef Ltd. stating: "We have identified your organisation as an Independent Management Entity (IME) defined by the Directive and as such subject to the relevant provisions of the Regulations which will implement the Directive in the UK."
This communication comes at the end of the adoption process of the Directive 2014/26/EU which began in 2015 when the the British Intellectual Property Office called on Soundreef and other collective management organizations headquartered in the UK to respond to a technical questionnaire with objective to have a solid overview of the copyright and royalties management situation.
"From what we know today we are the first IME recognized in Europe", declared Francesco Danieli, CEO of Soundreef Ltd.
As addressed in the Directive member states must recognize and consider Collective Management Organizations (CMOs) and Independent Management Entities (IMEs), both must follow certain protocol in management, finance and transparency.
Davide D'Atri, CEO of Soundreef S.p.A. which controls entirely Soundreef Ltd., said: "We are delighted to receive this communication. We've always strived to build a collecting society that could operate across Europe with the following core values: a) to treat and pay each right holder, small or big, in the same way based on the analytical usage of works, b) provide reports of usage and payments swiftly, c) maintain complete transparency."
"We hope that other member states will proceed and adopt the EU Directive swiftly", added Marco Piana, president of Soundreef S.p.A. which controls entirely Soundreef Ltd.
Soundreef Ltd is a UK company incorporated in 2011 and is controlled by Soundreef S.p.A.
Soundreef ltd licenses businesses to play its members' music in stores and live events in over 20 countries. As well as granting licenses to use music, it gathers and distributes royalties on behalf of authors and publishers, providing an alternative to traditional copyright collection societies. Soundreef ltd is an Independent Management Entity (IME as for the EU Directive 2014/26/EU) recognized by the UK Intellectual Property Office that competes with national Collective Management Organizations (CMOs) such as SGAE, GEMA, SIAE and SACEM. The company administers over 150,000 songs throughout the world to provide music for tens of thousands of business users.
Soundreef S.p.A. is the company that develops the technology behind Soundreef ltd and its main aims are to provide rights holders with quick payments, complete transparency about how their music is used and their royalties earned. Soundreef S.p.A. is financed by investment companies VAM Investments S.p.A. and LVenture Group S.p.A.
SOURCE Soundreef Ltd