PRS for Music
PRS for Music Warns of Hard Times Ahead as Revenues Drop 20%
The collecting society, which represents more than 10 million musical works and has 155,000 members, says that a projected rise in online royalty income won’t be enough to offset the loss of public performance distributions, which PRS expects to fall by at least 10% in 2021. Much of the £699 million PRS distributed in 2020 — an increase of 2% over 2019 — came from royalties collected pre-pandemic, meaning the dramatic fall in income will be felt hardest by its members in 2021 and beyond, PRS for Music CEO Andrea Czapary Martin tells Billboard. “It has been a tough time and it will be a tough time again this year,” says Martin. “Our revenues will go up this year, but not back to the levels of 2019.” Globally, performance rights revenues fell by 10.1% to $2.3 billion in 2020 as a...
PRS for Music Proposed Livestreams Rate Scheme Draws Managers’ Ire
“For the sake of all artists, songwriters and the wider industry, it is crucial that this new format is allowed to grow and thrive,” the artists and managers say in their letter. “Charging artists up to four times the live rate strangles rather than nurtures this innovation.” Signing onto the letter were managers for such artists as Dua Lipa, Biffy Clyro, Liam Gallagher, Bicep, Fontaines D.C., Gorillaz, Yungblud, and Arlo Parks, as well as a group of songwriters. In a statement sent to Billboard, PRS for Music did not detail the proposed scheme for its Online Live Concert license, which it said was “still evolving.” The organization says the new scheme will allow the necessary rights to be licensed and says it welcomes “the many initiatives to move live concerts online.” The manager and ar...
