The red line is the actual mechanical rate in pennies (nominal rate) compared to the blue line which is the inflation-adjusted rate (real rate). Notice that during periods without a COLA adjustment like we won for physical and CDs in CRB 4 (aka Phonorecords IV), the blue line is less than the red line.
An important feature of this graph is that the blue line continues the downward slope until it is saved by an increase in rates followed by a cost of living adjustment or stair step increases (some of which were due to a COLA).
As soon as the COLA comes off, the downward slope returns, meaning the buying power of the statutory rate declines. This is to be expected due to inflation–the downward slope will be more pronounced in times of high inflation.
Notice that this places a blank space on the area of the graph between the red and blue lines. That blank space represents lost revenue due to a fixed rate that is not adjusted for inflation. It is theoretically and industrywide loss of revenue.
It would be possible for songwriters to make the same calculation for streaming if the Copyright Office were required to publish the results of the CRB’s streaming mechanical calculation. This would be much easier because there has never been a COLA for streaming mechanicals, although there clearly ought to be.
One place to start making that case might be to calculate the industrywide loss from the failure to adjust for inflation in the rates the government forces us to take.
The Trichordist 
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