PRS for Music has launched a new online tool to help its members who perform their music internationally negotiate full and fair royalty settlements.
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 artists and their tour managers.
The tool features a tariff calculator, which 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.
PRS for Music is the first ever collective management organisation to have developed and implemented this technology, and is making it accessible to its members upon request.
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.
Last month, PRS announced that income generated from members’ music played abroad saw significant growth in 2016, with £233.7m collected from equivalent societies overseas.
This five percent (£11.2m) 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.
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.
Karen Buse, executive director of membership and international at PRS for Music said: ‘We are proud to represent all of our members, including those who work as performing artists. PRS for Music is a uniquely positioned collective management organisation, with the largest International team in the sector.
‘With our expert knowledge we have managed to develop this technology before anyone else and create a real solution to a complicated issue. We have created something that our touring members will greatly benefit from; it could help bands of a certain size save potentially hundreds of thousands of pounds on a large European or even world tour.’
Live music industry expert Maria Forte said: ‘The app tells you on a territory by territory basis what the published tariff should be, what the applicable discounts might be and, if you plug box office figures in, what the licence fee figure should be on the settlement sheet.’
This is one of several online tools PRS for Music is launching to improve its digital offering to its 125,000 members, and follows on from the organisation’s recent rollout of a new online tool for reporting live performances.
The company continues to develop and invest in new data systems, technology and a world-class team of experts behind the scenes to proactively manage international revenues around the world.
To access the new live concert service platform, performing members should contact email@example.com