This paper, based on a keynote talk at Columbia Law School, reviews the nature of collective management organizations (CMOs), their regulation, in particular the difference in the US regulatory regimes for performing rights organizations (PROs), digital transmissions of sound recordings and reprography. The paper reviews the incoherent rate-setting processes under consent decrees and sections 112 and 114 of the US Copyright Act. The paper also considers the role that CMOs can and should play in empowering new business models and modes of access to online material.