The renewal will benefit the songwriters, composers and music publishers that both societies represent.
In a statement, PRS and US-based society BMI said that the agreement would maintain transparency and accountability, as well as tackling key industry issues such as limitations on administration fees and arrangements related to digital rights flow.
“Our new agreement with BMI is a huge step towards making our relationship a true business-to-business partnership,” said Andrea C. Martin, CEO, PRS for Music. “While with BMI we have consistently updated our business practices with the average term of PRS’s other reciprocal agreements being 35 years, it is a high priority for PRS to modernise this aspect of our business and uphold a commercial foundation for our international society relationships.”
“BMI and PRS have a shared commitment of delivering the highest standards of transparency and service to our affiliated songwriters, composers and music publishers,” said Mike O’Neill, president and CEO, BMI. “This partnership with PRS embraces that commitment and will continue to benefit music creators from both of our territories.”