Feeds

UK music-rights collection: Where does all the money go?

Chief freezes pensions, trousers hefty £573k pay packet

  • alert
  • submit to reddit

Top three mobile application threats

The organisation that represents and pays out money to 90,000 songwriters and composers in the UK disclosed cost-cutting measures and explained new investment at its AGM last Thursday. The Performing Right Society, the PRS*, has a public sector-style (if not -scale) pension problem, in that future liabilities exceed current contributions. So the PRS is freezing its pension scheme to new entrants, after pension costs rose 12.8 per cent last year. Existing pension holders will not be affected.

Chief executive Robert Ashcroft said the society will make savings by not filling vacant posts, saving £1m by 2015, promised further consolidation, and pledged to make better use of property assets. The society collects money for UK writers from the performance of music on radio and TV, in public places, and from digital music streaming services. It also collects reciprocal royalties from British music used overseas - and this was impressive, amounting to £187.7m out of the total of £630m the PRS raised for songwriters last year.

Since 1997 it has operated in alliance with the mechanical royalty collection society MCPS, which gives songwriters a small royalty cut from copies of CDs sold. Not surprisingly, given falling physical sales, mechanical royalties have continued to decline.

(For more on PRS income last year, look here).

Further investment was needed in a global repertory database to make licensing easier, said Ashcroft, who said loans had been committed to the project.

In its last published accounts, for 2010, the PRS disclosed that the highest paid director (Ashcroft) received annual remuneration of £573,744, the year he also took over as chief executive. Outgoing chief exec Steve Porter received £197,066 and pay in lieu of notice of £312,025. ®

*Bootnote The PRS re-branded itself as PRS for Music three years ago. So as not to be confused with PRS for Fish Food, PRS for Small Arms, etc.

Build a business case: developing custom apps

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.