PRS for Music has launched a new online tool to help members who perform their music internationally negotiate 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 bands and their tour managers.
The live concert tool, which is accessible to PRS members on request, 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.
“With our expert knowledge we have managed to develop this technology before anyone else and create a real solution to a complicated issue," said Karen Buse, PRS for Music's executive director of membership and international. “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.”
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.
“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," said live music industry expert Maria Forte.
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 5% (£11.2m) year-on-year increase was driven by a significant number of major live concerts taking place across Europe 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.