U2, Hozier cash in on €25m royalties bonanza
Published 08/11/2016 | 02:30
U2, Hozier and Christy Moore were among the thousands of Irish artists who shared a €25m bonanza last year from the public performance and broadcast of their songs.
The Irish Music Rights Organisation (IMRO) - which collects royalties on behalf of the artists concerned - confirmed that licence revenues last year increased from €28m to €30.7m. IMRO's directors' report states that while all revenue categories showed an increase on 2014, public performance - specifically large concert revenue, online and overseas revenue - contributed largely to this rise. The amount in royalties paid out to artists last year increased by 8.5pc, from €23.2m to €25.26m. The directors state that the royalty payout increase was as a result of increased activity.
IMRO has 11,000 members and is a not-for-profit organisation. Last year, its surplus after paying out royalties amounted to €137,895 and this followed a surplus of €126,051 in 2014.
Royalties received from IMRO are often the sole income received by non-performing songwriters.
It generates its royalties from a broad range of sources, from a charge on the music played to phone callers when put on hold to a low percentage of revenues at music venues like the 3Arena in Dublin.
Numbers employed by IMRO last year fell from 52 to 51 with staff costs remaining static at €3.22m.