Film Musicians Secondary Markets Fund
Encyclopedia
The Film Musicians Secondary Markets Fund is a not-for-profit organization
that collects and processes residual payments
from producers and distributes them to film and television musicians. The Fund was established in 1972 as part of a collective bargaining agreement negotiated between the American Federation of Musicians
(AFM) and the Alliance of Motion Picture and Television Producers
.
Each July, the Fund makes an annual distribution of residuals received throughout its fiscal year to participating musicians. Musicians must have worked on film and television projects scored under the AFM agreements to qualify as participating musicians. There are approximately 45,000 participating musicians entitled to receive residuals.
Producers and/or other rights holders make payments to the Fund equal to one percent of their gross receipts from the release of covered films (post 1960) into the ancillary or supplemental markets. These obligations last for the life of the motion picture and remain with the production regardless of how many times the ownership and/or distribution rights are transferred.
The Fund's offices are located in Studio City, California.
Non-profit organization
Nonprofit organization is neither a legal nor technical definition but generally refers to an organization that uses surplus revenues to achieve its goals, rather than distributing them as profit or dividends...
that collects and processes residual payments
Residual (entertainment industry)
A residual is a payment made to the creator of performance art for subsequent showings or screenings of the work. A typical use is in the payment of residuals for television reruns. The word is often used in the plural form.-Radio and television:The residual system started in U.S. network radio...
from producers and distributes them to film and television musicians. The Fund was established in 1972 as part of a collective bargaining agreement negotiated between the American Federation of Musicians
American Federation of Musicians
The American Federation of Musicians of the United States and Canada is a labor union of professional musicians in the United States and Canada...
(AFM) and the Alliance of Motion Picture and Television Producers
Alliance of Motion Picture and Television Producers
The Alliance of Motion Picture and Television Producers is a trade association based in Encino, California that represents over 350 American film production companies and studios in negotiations with entertainment industry trade unions in collective bargaining...
.
Each July, the Fund makes an annual distribution of residuals received throughout its fiscal year to participating musicians. Musicians must have worked on film and television projects scored under the AFM agreements to qualify as participating musicians. There are approximately 45,000 participating musicians entitled to receive residuals.
Producers and/or other rights holders make payments to the Fund equal to one percent of their gross receipts from the release of covered films (post 1960) into the ancillary or supplemental markets. These obligations last for the life of the motion picture and remain with the production regardless of how many times the ownership and/or distribution rights are transferred.
The Fund's offices are located in Studio City, California.