UK royalty collection association PRS for Music said it will pay songwriters and composers an additional £6 million (approximately $7.7 million) a year in royalties for online services as a result of a reduction in its administrative rates.
The collection association says it will reduce administration rates for multi-territory online (MTOL) royalties 20% – from 10% Come as soon as possible 8% rate – a result of the CMO “exceeding its targets, achieving historic distribution and revenue, and becoming a billion-pound society”.
Announced in 2024 yearlyGeneralMeeting (annual general meeting) Today (June 4), PRS estimates that it expects to pay an additional £1.5 million to members in each quarterly royalty distribution from October this year.
Collection Association, representing some 175,000 Songwriters, composers and music publishers in the UK and around the world reported last month that by 2023 it had collected £1.08 billion (US$1.343 billion Calculated based on the average exchange rate for the year), increase Annual increase of 12.5%.
Among them, it paid a record £943.6 million (US$1.17 billion) to members.
“I believe the success of society should be defined by the success we deliver to songwriters and composers,” CEO Andrea Chaparri Martin said in a statement.
“I’m pleased to announce that the reduction in multi-territory online license administration fees is a real example of how we continue to work on behalf of our members to become more competitive and get more funding to them faster.”
Martin said next year the association would begin a comprehensive review of administrative rates across all revenue sources, with an eye toward reducing and simplifying them.
Martin made the announcement at the PRS for Music annual general meeting on Tuesday (June 4), where the association also announced four newly elected members of the PRS Council.
Phil Ross of Centric Music Group and Laura Young of S2K Music Appointed to the Publishers Committee and also Mike Stobbe and Peter Woodroffe (now serving his second term) was appointed to the Writers Council.
at the same time, Steve Spring CBE Appointed to the Membership Committee, succeeding Stephen Davidson as Chairman of the PRS Music Committee. Davidson has held the position since 2014.
also, Erica Ingham Re-appointed to the Independent Non-Executive (iNED) Board of Directors, and Simon Square Resigns as a member of the Publishers Council, where he has served since 2008, including as Vice Chairman.
Photo credit: Garry Jones/PRS For Music
“I believe success as a society should be defined by the success we deliver to songwriters and composers.”
Andrea Czapary Martin, PRS Music
“An important part of PRS’s achievements is the role the Membership Committee plays in representing the concerns and needs of songwriters, composers and music publishers,” said PRS Music Membership Committee Chair. Julian Nott explain.
“Congratulations to newly elected directors Phil Rose, Laura Young and Mike Stobbie, and to Pete Woodroffe on his re-election, their combined knowledge and expertise will be an asset to the association in its next chapter.”
This year’s AGM also approved a number of new resolutions to improve the association’s governance to increase fairness and representation in the association.
These include expanding the membership committee to 10 author and publisher representatives “to ensure more ideas, expertise and life experience are represented.”
In addition, the association introduced a new “Vote+” category to encourage more writers to participate in the association’s democratic process and enhanced its annual transparency report.
The announcement of PRS for Music coincides with the launch of a new round of funding from PRS PRS Foundationis a charitable organization funded by PRS for Music.
The foundation has announced the names of 21 artists and seven early career music industry professionals who will receive funding from the foundation. PPL Momentum Music Fund and two PPL Momentum Accelerator Funds, one focused on Liverpool and the other on Wales.
The foundation notes that since 2013 it has awarded more than £5.2 million Providing assistance to artists across the UK to help generate estimates £22 million to the British music industry.global music business
