Tuesday 28 February 2017

Irish artists share €23m royalty bonanza

Gordon Deegan

U2's Bono
U2's Bono

Artists including U2, Hozier and Christy Moore - along with thousands of other Irish musicians - shared a €23.2m bonanza from the public performance and broadcast of their songs last year.

The Irish Music Rights Organisation (IMRO) - which collects royalties on behalf of the artists concerned - confirmed that licence revenues last year decreased by 2pc to €28m.

IMRO's directors' report states that a reduction in revenues from public performance, specifically large concert revenues, contributed largely to the decrease.

The amount in royalties paid out to artists last year decreased by €1.1m to €23.2m.

IMRO has 10,500 members and last year its surplus after paying out royalties amounted to €187,451.

The royalties received from IMRO are often the sole income received by non-performing songwriters.

IMRO generates its royalties from a broad range of sources, from the music played down a phone line when put on hold, to a low percentage of revenues at the 3 Arena in Dublin.

Numbers employed by IMRO increased from 50 to 52 with staff costs increasing from €3.1m to €3.22m. 

Remuneration for directors increased from €203,146 to €219,098.

IMRO last year enjoyed a €2.9m surplus on the revaluation of IMRO's Copyright House that was revalued at €4.95m.

Irish Independent

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