British collection society PRS for Music grows revenue 4.4% but reports rise in overall costs and reduction in amounts distributed to members
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The UK collection society has revealed the highest ever royalty distribution to members in its 108-year history
By James Hanley on 06 Oct 2022
UK collection society PRS for Music has announced a record-breaking £211 million royalty distribution to members.
The figures mark the highest ever payment in the organisation’s 108-year history, and a 18% year-over-year increase of £32.5m on October 2021.
“The record payment of royalties by PRS for Music reflects our relentless focus on maximising the value of members’ rights”
“The record payment of royalties by PRS for Music reflects our relentless focus on maximising the value of members’ rights,” says PRS for Music CEO Andrea Czapary Martin. “Ensuring members are paid as quickly and accurately is at the heart of everything we do.”
Live and public performance royalties were up 210% on 2021, and includes all remaining royalties held for adjustment during the interruption to licensing during the pandemic. Music played overseas, including cable retransmission, was up 2.5% against the same period in 2021.
PRS represents more than 160,000 songwriters, composers and music publishers in the UK and worldwide, with royalties paid to members when their music is streamed, downloaded, broadcast, performed live and played in public.
The society also recently announced Paisley’s The Bungalow as the winner of its Back to Live Music Venue Prize for Scotland. The recovery-focused nationwide competition was launched by PRS to give independent live music venues across the UK the chance to win one of six prizes of up to £10,000.
“The Bungalow’s music legacy and increasing impact on the local community is so vitally important to the growth of music in the UK”
The 300-cap venue, which once welcomed acts such as The Fall, The Damned and Echo & the Bunnymen, is now run as a community ownership project. Its managers Tommy McGrory and Alan McEwan plan on using the prize money to upgrade the musicians’ experience at The Bungalow by renovating the space and renewing the available backline.
“We can’t express how deeply grateful we are for this award,” say McEwan and McGrory. “It is a great privilege that we have been chosen as the winner of The Back to Live Venue Prize in Scotland. It gives our team here at The Bungalow the confidence and motivation to work harder within our community to further develop which is already a fantastic music town. This is such an incredible moment for us and the money will significantly improve our assets which in turn will provide better opportunities both for grassroots and professional artists.”
PRS launched the Back to Live Music Venue Prize competition in March 2022 in direct response to the impact of the global pandemic on live music venues in the UK. Winning venues were determined by a judging panel made up of leading representatives from across the music, arts, and hospitality sectors.
“The Bungalow’s music legacy and increasing impact on the local community is so vitally important to the growth of music in the UK,” adds Martin. “We’re proud to find ways to support local scenes with projects like the Back to Live Music Venue Prize.”
Four more UK regional winners will be announced over the coming months.
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