The past year was a big one in the publishing world: In 2025, the U.S. government — which already regulates licensing rates for mechanical and, to a large degree, public performances royalties — began scrutinizing how the U.S. music publishing business operates.

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Year-End Roundup: The Biggest Music Business Stories of 2025 • Chris Eggertsen

On Feb. 10, the Copyright Office launched a Notice of Inquiry (NOI) into U.S. performing rights organizations (PROs) at the request of the House Judiciary Committee, which raised questions about the “proliferation” of new PROs in the market and their apparent “lack of transparency.” After months of deliberation and comments, the Copyright Office resolved the NOI on Nov. 20 in a letter in which it said it required no changes to current PROs,

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