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.