If you’re serious about music and your creative career, you should already be aware of and registered with PRS – Performing Right Society. When you do, you benefit from the fact that whenever your original music is broadcast in public: used in film, TV, videos, games, live shows or other content forms, you make money through royalties.
PRS has been a huge help for many years for independent artists across the board, and more recently has appeared to go in the opposite direction to many other supporting platforms, by actively seeking ways to enable and support artists as best they can.
On top of what was already a record pay out of £963.6m in royalties for 2023, PRS have announced that an additional £6m is to be paid out after their decision to make an admin rate reduction.
The PRS quarterly pay-outs for streaming will now be up £1.5m each quarter, starting in October of 2024, and will undoubtedly help level the playing fields for the thousands of artists and bands continuing to put in the work and perfect their crafts without a label or promotional team to back them.
“Celebrating her fifth year as PRS for Music CEO, Andrea Czapary Martin announced a landmark reduction in the admin rate applied to royalty collections from Multi-Territory Online Licensing (MTOL) at our Annual General Meeting (AGM) on 4 June.
This admin rate reduction is a result of PRS surpassing targets in 2023, when we delivered historic distributions and revenues to become a billion-pound society, paying out a record-breaking £943.6m in royalties, an increase of nearly 13% on 2022.”
Not purely driven by their own success and ambition as a platform, but clearly also by a desire to celebrate and elevate songwriters and composers who deserve to be rewarded for their work. PRS continue to be a guiding light in an industry that can often feel like an incredibly foggy realm to navigate.
So for the creatives, the songwriters, composers and artists – things are changing, slowly but surely. Keep doing what you do best.
Header Photo by MART PRODUCTION.
