Mike Weatherley, the Conservative Member of Parliament for Hove and Portslade, and founder of Rock the House, the biggest competition in Parliament, has praised the record-breaking overseas work of the Performing Right Society (PRS), a leading British copyright collection agency which undertakes collection rights management for musicians.
The PRS has just published details of its financial report for 2012, which show that:
• A record £641.8m was collected for PRS for Music members.
• For every £1 of royalty money collected, 89.3p is returned to PRS for Music members.
• The export success of UK music continues with international royalties remaining the single largest source of income for PRS for Music members.
• Royalties from online services have increased, driven by the continued shift to a wide variety of digital offerings and new licensing agreements with newly launched services.
• In 2012, PRS for Music processed a record 124 billion uses of music.
For more information on PRS for Music, click here.
Commenting, Mike said, “Music royalties are a fantastic boost for our economy. Through my parliamentary competition Rock the House, I have continually stressed the important of intellectual property rights to our young musicians. The fact that PRS has collected over £600m for its members is an incredible feat and should make us proud of our British talent.”