Irish artists share €23m royalty bonanza
Published 10/11/2015 | 02:30
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.