By a vote of 377 to 178 (with 37 abstentions), the European Parliament has extended the copyright term for music recordings to 70 years from the first publication or performance of the work.
Here's an excerpt from the press release:
The European Commission had previously proposed an extension of the copyright protection up to 95 years. According to Mr Crowley, the compromise reached by the Parliament on 70 years takes into account Council's resistance and would facilitate an agreement with national governments. . . .
A dedicated fund for session musicians was also supported by the Parliament. This fund would be financed by contributions from producers, who would be obliged to set aside for this purpose, at least once a year, at least 20% of the revenues gained from the proposed extension of copyright term. This fund will reward those session musicians who gave up their rights when signing the contract for their performance. . . .
The Parliament also asks the Commission to launch an impact assessment of the situation in the European audiovisual sector by January 2010, with a view to deciding whether a similar copyright extension would benefit the audiovisual world.