​The Music Modernization Act (aka the Orrin G. Hatch Music Modernization Act), was passed unanimously in the Senate. The bill is now waiting on a vote in the House of Representatives, where it is expected to pass and then be signed by President Trump and become law. At a time when bipartisan agreement is rare, this was an extraordinary compromise supported by both Democrats and Republicans as well as most of the music industry.
The bill is essentially a fix for some issues that have arisen from streaming music by companies like Spotify. The Music Licensing Collective it establishes will begin operating on Jan. 1, 2021. This clearinghouse will be run by the artists and publishers and be paid for by the digital streaming services. It will maintain a public database that will permit streaming music services to easily locate data about who owns music and ensure that the owners are compensated for it.  The Act updates licensing and royalties for streaming and provides that songwriters and artists receive royalties for pre-1972 songs.