The Featured Artists Coalition’s petition calling on UK collecting society PRS to reconsider its decision to cut the funding it provides the PRS Foundation has now past a 1000 signatures, with artists like Sam Fender, Anna Calvi and Wolf Alice’s Joff Oddie backing the FAC’s campaign.PRS confirmed at its AGM in May that the funding it provides to the talent development charity it set up in 2000 will be cut from the current £2.5 million a year to £1 million a year from 2024.
That’s because the specific income stream the funding comes from – basically interest earned on investments and royalties awaiting distribution – has been in decline in recent years.However, many artist and songwriter groups have called on the society to top up its annual donation to the Foundation from other funds.
In particular unallocated digital monies, aka the “digital black box”. These are digital royalties which – because of various data issues – cannot be accurately allocated to specific works.Currently these are shared out across the PRS membership but, campaigners argue, because the bigger publishers should be on top of their data and therefore have received all the streaming income they are due, any unallocated money should be diverted to independent and DIY songwriters.
Using some of that money to fund the Foundation would be an easy way of doing that.FAC also points out that collecting societies elsewhere in Europe divert core revenues to cultural funding initiatives.
Read more on completemusicupdate.com
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