LONDON (VIP NEWS) — UK collecting society PRS for Music has launched a customer consultation on its royalty rates more music events.
The rate, which is currently 3% of ticket receipts, was last reviewed in 1988.
PRS for Music points out that this is one of the lowest rates in the world. The live sector will be concerned that the consultation will lead to higher rates payable to PRS for Music.
The collecting society says the 12-week consultation follows "calls from key stakeholders and some customer groups within the sector to review the tariff."
"As the organization that represents the creators behind the music, it is right that we continually review our charges and approach, ensuring there is a fair balance between music users and creators. The live music industry has changed considerably in the last twenty years and this consultation will be open to everyone, to discuss the changes and whether the current tariff structure is relevant for today's live scene in the U.K.," said Jeremy Fabinyi, executive director licensing, in a statement.
Consumer spending on live music was calculated as £1.45 billion in 2009, up 4% on the previous year, according to PRS for Music.
Fabinyi said that "we need to ensure that the right licensing approaches are in place to ensure the future success of live music in the U.K." –According to Billboard