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PRS For Music: new rates clarification
By CMU Editorial | Published on Thursday 28 May 2009
By the way, well done to those of you who spotted our, erm, deliberate mistake in yesterday’s CMU Daily.
The new PRS For Music rates for streaming music services are, obviously, 0.085p per stream, down from 0.22p, and not what we said in yesterday’s CMU Daily, where a slip of the decimal point would have been good news for songwriters but would have pretty much bankrupted every streaming music service. Which was never our intention. Well, it would have been nice to make songwriters a hundred times richer. They might have bought us a cup of tea to celebrate. Maybe even a slice of cake too.
As previously reported, the songwriter collecting society announced the not insignificant cut in its per-stream royalty rate yesterday, though upped its revenue share demands from 8% to 10.5%, which is relevant to the more profitable streaming music operations, if such a thing exists. Whether the cut in per-stream fees will satisfy YouTube, or any other streaming services who have left or resisted entering the UK market because of PRS’s royalty rates, Pandora for example, remains to be seen.
