Royalty collection society PRS For Music has announced a £3.8 million year-on-year rise in payouts for its members, but warned of tough times ahead due to the pandemic.
The group revealed it will pay out £132.4 million in July, an increase of 3% from the same period last year.
We are doing everything we can to maximise return and minimise risk to future distributions for all of our members through this period of significant disruptionAndrea C Martin
However, PRS For Music has told its members to expect a drop in future payments as the full impact of the coronavirus crisis becomes clear.
The July payment covers revenue collected mostly prior to Covid-19’s devastating arrival, CEO Andrea C Martin said, and there will be a decrease in royalties usually brought in through streams including live performance and commercial radio.
Ms Martin added: “We are doing everything we can to maximise return and minimise risk to future distributions for all of our members through this period of significant disruption.
“We have taken immediate action to make considerable cost savings including a recruitment freeze, reduced hours and salary reduction for some employees throughout the pandemic, cancellation of employee bonuses related to 2020 performance, and have cut back on all non-people costs wherever possible.”
PRS For Music said it represents more than 145,000 songwriters, composers and music publishers in the UK and worldwide – with royalties paid to members when their music is streamed, downloaded, broadcast, performed live and played in public.