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30.05 - 00:33
PRS for Music Posts Record Results, Calls for Unity as Pandemic Rattles Industry: 'It's Crazy How Much Infighting There Is'
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LONDON – The chief executive of PRS for Music, one of the world's leading rights collection societies, has warned that unless the different factions of the U.K.
music business put aside their differences and work together, the industry will not survive the coronavirus crisis.Royalty revenues at London-based PRS for Music grew 8.7% in 2019 to total £811 million ($985 million), an increase of £65 million ($79 million) on a constant currency basis, year-end figures published Thursday reveal.Of that total, a record £686 million ($833 million) was processed and paid out to songwriters, composers and music publishers, an almost 14% increase on the previous year.Of course, 2019's record-breaking financial results were achieved pre-COVID 19 and it.
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