Radio and Concert Disclosure and Competition Act of 2005 - Directs the Federal Communications Commission (FCC) to modify its regulations concerning disclosure of payments made to broadcasters to prohibit the licensee or permittee (licensee) of any radio station from receiving money or other valuable consideration from a record company, recording artist, or music promoter or publisher (music representative) unless the licensee discloses at least monthly to the FCC and the public the receipt of such money or consideration.
Directs the FCC to: (1) require that all transactions between a licensee and a music representative be conducted at an arm's length basis, reduced to writing, and retained at least five years; and (2) review any such transaction upon petition.
Directs the FCC to prohibit a licensee from: (1) using its control over any non-advertising matter in a broadcast to extract or receive money from a music representative; (2) engaging or receiving concert services from a musician or recording artist unless the licensee does not discriminate about the broadcast of non-advertising matter and provides fair compensation for the services; or (3) owning or controlling a concert promoter or a venue used primarily for live performances.
Authorizes license revocations for violations of this Act.
Increases maximum penalties for nondisclosure of payments made in connection with broadcasts.