Artists share €26.3m IMRO bonanza
U2, Hozier and Christy Moore along with thousands of other Irish artists shared a €26.3m 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, said licence revenues last year increased from €30.79m to €31.37m.
Its directors' report said that while all revenue categories showed an increase on 2015, general public performance, online and overseas revenue contributed largely to this increase.
The amount in royalties paid out to artists increased by 4pc, from €25.26m to €26.32m. IMRO chief executive Victor Finn said that royalty revenues for the year 2016 were well ahead of expectations - over 5pc better than budget and 2pc ahead of 2015.
The revenues from online increased by 29pc last year with public performance increasing by 1pc on 2015.
The directors said the royalty payout increase is 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 €64,937 and this followed a surplus of €137,895 in 2015.
The royalties received from IMRO are often the sole income received by non-performing songwriters.
Numbers employed by IMRO last year increased from 51 to 52 with staff costs increasing from €3.21m to €3.29m.
Remuneration for IMRO's directors last year decreased from €263,220 to €260,734.