More than two decades after the first song went online, a mechanical royalties settlement has been reached that acknowledges some of the new business models digital music has spawned.

The newly reached deal pretty much keeps existing rates for CDs and downloads, but it also adds five new categories.

Three trade groups were signatories to the settlement, which now goes forward for approval by the U.S. Copyright Royalty Board: the Recording Industry Association of America (RIAA), National Music Publishers’ Association (NMPA) and Digital Media Association (DiMA). If approved, which is expected, the agreement will run from 2013-2017.

The five new bands of royalties apply to paid locker services; free cloud storage that comes with a purchased download; mixed bundles of things like streamed music in a mobile phone package; services with a limited amount of interactivity; and music that comes in a combined package, like a free download with purchase.

Related links:

RIAA, NMPA and DiMA – press release

Hollywood Reporter – Music Industry Strikes Historic Deal on Mechanical Royalty Rates – Copyright Royalty Board To Set Mechanical Royalty Rates For Digital Music Services

RBR – RIAA, NMPA, DiMA come to terms for digital/mobile royalty rates

Hypebot – RIAA, NMPA, DiMA Agree On New Digital Music Rates

Photo by Flickr user lucianvenutian, used under Creative Commons license