From TheRegister:

"The Mechanical-Copyright Protection Society and the Performing Right Society have launched a licensing scheme for music podcasters.

...
The licence will allow podcasters to use the global repertoire of musical works represented by the alliance - some 10m musical works - by granting the necessary writer/publisher permissions for inclusion of their works within the podcast.

The royalty rate for the scheme will be the greater of 12 per cent of gross revenue or the minimum fee per track downloaded as part of the podcast: full-track 1.5p; half-track (less than 50 per cent by duration) 0.75p."

-neema