Recording artists will be getting a new piece of the revenue from the downloading and streaming of their songs under a new SAG-AFTRA recording contract that’s just been ratified by the union’s members. The pact includes a new payment formula for the sharing of these monies and for a portion of the record labels’ domestic and foreign streaming dollars to be contributed to AFTRA’s Health and Retirement Fund.

“As technology changes the industry, it is imperative that our contracts change with the times,” said SAG-AFTRA President Ken Howard.

“I am proud of the gains we achieved in this groundbreaking contract, and I’m pleased that the voting members agree,” said Dan Navarro, the union’s VP for recording artists. “This is a big win for our recording artist members; it is truly a contract for the 21st century.”

The union said that the contract was approved by 98.83% of those who voted but wouldn’t say how many people voted or how much the contract generates for recording artists. “For strategic bargaining reasons, we do not release that information on most of our contracts,” said spokeswoman Pam Greenwalt. “That is the case with the sound recordings code.”

Signatories to the deal, which is retroactive to January 1 and runs through December 31, 2017, include Sony Music Entertainment, affiliates of Warner Music Group, Universal Music Group, Capitol Records and Hollywood Records.