If you want an even deeper dive, Jeff Price of Audiam (who's being interviewed) compiled a highly detailed review of the Music Modernization Act on Digital Music News.  It basically explains everything.
 After you hear this podcast + read this guide, you'll hopefully have a far deeper understanding of this bill (and know what to do next).
 Also, here's a quick annotation of this podcast, so you can skip around to various parts.  
 0:00 Intro
 1:54 Interview with Jeff Price begins
 3:57 What the hell is the Music Modernization Act (and why do we need it)?
 6:17 What exactly is a 'streaming service,' and what are the different types of streaming licenses?
 8:11 How does the publishing work with Pandora?
 11:04 What is a Public Performance?
 13:35 What is a 'Reproduction License' (i.e., Mechanical License) - and why is it so important?
 27:10 Why does Congress need to get involved?
 28:00 Where did the giant problem begin?
 30:00 'The recording part was figured out'
 31:02 Did Spotify just not know about the licenses they needed to pay?
 37:00 'So they put together a solution...' (What the MMA solves + other problems this bill addresses)
 40:00 The basic rules of the MMA for streaming music services
 41:30 International considerations.
 42:51 So what's the big problem with the MMA?
 51:20 Nitty-gritty details on the Mechanical Licensing Collective (MLC) 
 1:08:00 The missing metadata problem
 1:12:20 Who's really generating most of the plays on streaming platforms?
 1:18:00 How does the songwriter/artist/publisher now get paid by the MLC?
 1:20:28 What steps should rights holders take before the creation of the MLC?
 1:22:30 Pre-1972 oldies
 1:27:10 Why doesn't AM/FM radio have to pay recording royalties?
 1:31:30 A deeper history of music rights in the U.S. 
 1:33:50 Why can't we just figure out what's actually being played?
 1:35:00 Goodbye + Outro
 Thanks for listening! Please send us feedback at news@digitalmusicnews.com.