Unit 39 - The Sound and Music Industry GC5.
Copyrighting and licensing are critical avenues for rewarding creative skills and achievements within the sound and music industry and securing the future development of new music. The PRS (Performing Arts Society) has been licensing music and collecting royalties on behalf of music creators since it started in 1914. In 2010 the PRS announced its 2009 financial results showing a £623 million revenue. The table below shows the relevant monetary values to each business area from the royalties industry. Business Area 2009 (£m)
Broadcasting & Online £177.4
Public Performance Sales £150.2
Recorded Media £128.5
Total £623 Million Almost 90% of the royalties collected by the PRS are paid out to their members and without this, many musicians, song writers, composers and publishers may not be able to continue making new music and in turn, killing off the industry altogether. Essentially, the role of the PRS is to make sure that the 10 million plus songs they manage are credited financially. The PRS will collect royalties on behalf of their members whenever their songs are played, performed or reproduced spanning across most businesses, governments, organisation, and educational establishments under licence. The PRS Music Licence will allow the user to use licensed music in a number of mediums such as Radio, TV, Online and Public Performances, each with its individual tariff. If this system didn't exist, how could music creators continue doing what they love and supply the world with new music? Copyrighting rewards the creator as and when his or her creation is used, re-played or re-produced.
The sound and music industry is so broad that there are a number of types of licensing and ways of gaining royalties. Whereas the...