Music Publishing, internet
PRS for Music has announced the rates for streaming services for its new Online Music Licences which come into effect on 1 July. After a wide-ranging seven month consultation period with key stakeholders, major and independent music publishers and the wider industry, the new rates were approved by the PRS for Musicboard on 20 May. The key changes are:
- An increase in the headline royalty rate for on demand streaming services from 8% to 10.5% (in exchange for the per stream minimum being reduced from 0.22p to 0.085p)
- The new Online Music Licences replace the previous Joint Online Licence
- Because the Joint Online Licence is expiring, current licensees will need to sign to the new licences from 1 July.
The changes to the streaming rates follow the announcement on 1 May that rates for download services and services funded by subscription will remain the same.
See www.prsformusic.com and http://the1709blog.blogspot.com/2009/05/on-demand-streaming-royalties-and-ad.html and http://www.mi2n.com/press.php3?press_nb=120080