May 8, 2017
PRS for Music has launched a new online tool to help members who perform their music internationally negotiate full and fair royalty settlements.
PRS for Music says that the live concert tool removes the difficulty of calculating a specific country’s local tariff, which often varies significantly from territory to territory and has historically been a complex area for bands and their tour managers.
The live concert tool features a tariff calculator that can provide advance estimates of royalty value per concert across the globe, as well as ensuring the correct licence tariff rates are applied for major concerts.
The tool can also be used for royalty reconciliation post-performance, enabling members to review the progress of a royalty payment, as well as access a summary of the royalties they will receive after the relevant tariff discounts have been ratified.
International gigs are not only a way for artists to gain exposure and grow their fan base, but also represent a sizeable amount of revenue. Last month, PRS announced that income generated from members’ music played abroad saw significant growth in 2016, with £233.7 million collected from equivalent societies overseas. This 5% (£11.2 million) year-on-year increase was driven by a significant number of major live concerts taking place across Europe and beyond and the continuing success of PRS songwriter, composer and publisher members.
PRS for Music says that the new tool will help PRS for Music members uncover any gaps in licensing and distributions, and allow for more proactive and forensic tracking of the tour landscape. To read the PRS for Music press release in full, click here.