The proposal came from the European Commission and, if it is supported by member states, will be implemented across the EU.
The committees report was drafted by Brian Crowley MEP.
It also approves the establishment of a dedicated fund for session musicians, to be financed by contributions from producers.
Under this proposal, producers must set aside once a year at least 20% of revenues gained from the extended copyright term.
The annual supplementary remuneration will be administered by collecting societies.
In addition, the committee asked the Commission to assess whether to apply a similar extension to the European audiovisual sector by 2010.
The copyright extension will be reviewed three years after entering into force, and every four years after that.