, which collects and distributes residuals to union musicians who play on films and TV shows, will mark its 50th anniversary in 2022.
According to executive director Kim Roberts Hedgpeth, this money constitutes about 1 percent of the so-called “producers’ gross receipts” from the sale of a film or TV show into a “secondary market”: free TV, cable TV, streaming services, home video or other venues. “We are a non-profit payroll house that acts like a multi-employer pension plan,” Hedgpeth explains. “We’re a one-stop shop. If you are a musician who did a score at Sony one day, at Fox another day, and at Warner Bros. another day, and your [initial] checks might be coming from all kinds of different places, when it comes to residuals, you only need to look for one check from us.”
“There is no question that the growth in residuals is primarily driven by streaming,” Hedgpeth points out. About 40 percent of the monies currently being collected represent streaming options, suggesting “more product is being moved into secondary markets to a greater extent than in prior years.”Recording Musicians Association
As Hedgpeth explains: “Musicians suddenly woke up one day and all their jobs were gone. We were the only place that could provide some income to musicians who were just stranded when the industry shut down in March.” The FMSMF staff scrambled and, because they could actually still work in their Encino offices , managed to issue checks on May 22 ahead of the traditional July 1 date.Oboist Lara Wickes remembers getting her first FMSMF check in 2010.
Says AFM Local 47 President Stephanie O’Keefe: “The Film Musicians Secondary Markets Fund supports musicians in two very important ways. It allows musicians to share in the tangible profits of successful projects, but perhaps more importantly it recognizes their contributions to the great American art of filmmaking.”
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