ISRC codes are meta data which contain information about a track such as composer, title, artist and producer. Having embedded codes means that certain tasks such as reporting of broadcast usage and royalty payments can be automated, which in turn, means that you are more likely to receive your fair share of royalties.
This is good news for producers and artists worldwide, and the MPG claim that the new standard has much greater potential. The codes could usefully be carried through when creating copies for digital distribution and help mastering engineers make sure that they have the correct version of a track before working on it.
These potential benefits have not yet been realised because none of the major DAWs yet support writing or reading this kind of meta data on WAVs, but it seems logical that they will when it can only benefit their users.
The Music Producers Guild encourages every industry group, record company, broadcaster, manager, producer and artist to ensure international support for this development, so spread the word, then go and leave your comments on their site.