British lyricists, composers, music publishers see the rise of royalty – variety3 min read
The PRS of Music, a company representing the rights of British lyricists, composers and music publishers, collected a record £ 811 million (9 990 million) for its members last year, an increase of 8.7%. But CEO Andrea Martin said the coronavirus would show an “inevitable decline” in royalties this and next year due to the epidemic.
Free to raise royalties fell 6.7% year-over-year to £ 87.5 million (10 107 million) and after £ 3.2 million ($ 3.9 million) in charitable donations, resulting in members earning 721 million ($ 882 million)? A record £ 686 million ($ 838 million) was paid, an annual increase of 13.7%.
Referring to the popularity of overseas British music, international royalty income continues to be PRS’s largest revenue stream for music members. Around 278.7 million (40,340 million) were collected through mutual agreements with the global community, down 1.1% in 2018, but growing 33.6% over a five-year period. Global chart success and major live world tours of PRS members, including Eddie Sheeran, Elton John, Florence + Machine, Phil Collins and The Rolling Stones, contributed to this development.
Royalties from online platforms, including downloads, online video games and streaming services such as Spotify and Apple Music, received the most significant incentives. 2 UK. Hits like “Anyone You Like” and “Old Town Road” by Lil Nass X Two songs with the highest performance on the official charts as UK last year.
In 2018, the PRS for music saw the royalty flow to music makers for the first time in 2019 on MixCloud, Facebook and Instagram. Last year, the society also played a key role in protecting the reform of copyright law in Europe, under Article 17 of the EU Copyright Guidelines, which require a user upload platform to pay for music use. While the United States has no plans to adopt copyright law right now, it is a potential issue at once after the kickback effect of Braxit.
The music used throughout the video-on-demand offer also contributes to the promotion of online earnings. Revenue from broadcasters totaled ১ 131 million (15 159 million) in 2018, despite a decline in linear TV views and an increase in the popularity of VODs, an increase of 2.4%.
Direct performances of music in the United States and music used on British business premises increased by 15.7% in 2018 to 2 222 million (1 271 million), PRS for the second largest field of music revenue.
It was a good year for the live music industry, with live performance royalties rising from 36.7% in 2016 to £ 4 million ($ 65.9 million). TR TRNSMT, Park Life, British Summer Music festivals are on the rise across the UK. The return of Glastonbury contributed to this result. PRS members include Spice Girls and Tech That and America Tour and America Tour and Ariana Grande, BTS, Drake, Michael Bubli, and P! High-selling U.S. concerts from NK, where the rebuttal of PRS members was prominently displayed, also contributed.
The PRS for the song – both in-house and through its joint venture partners – processed 18.8 trillion “performances” last year, including streaming, downloading, broadcasting on TV and radio, playing on business premises and performing live around the world. This is a 67.8% increase in 2018.
Despite the great results for the past year, Martin said the music industry was “facing unprecedented times” due to the coronavirus epidemic.
“With the cancellation of TV and film productions holding, business closures, public premises and festivals, concerts and other live music events, we must see future royalty reductions in 2020 and 2021,” Martin said.
“We hope that our public performance will have the most significant impact on the royalties we collect business and internationally, but at this stage the exact financial impact, and how it will affect individual members, is very difficult to fully estimate.”