PRS for Music cuts online streaming rate, Jonathan from Spotify is delighted
Royalty collector, PRS for Music, has cut its online streaming rate from £0.0022 per song to £0.00085 per song, which is music to the ears (punilicous) of struggling online music services.
The decision comes after a lengthy consultation with music industry heavyweights and new media professionals who argued that by making music more readily available the publishers and artists stood to make more money in the long run.
All of which might mean the return of music videos to YouTube although this can’t be confirmed as they are still “in discussions with the PRS to agree license terms”.
We7 CEO Steve Purdham, said: “On first glance, this looks like a good step in the right direction and it is pleasing to see that the PRS has listened to many of the consistent views from the consultation period. It is these minima which significantly affects the evolution of new digital businesses and the PRS have done a good job in going some way to address this problem.”
PRS is, however, authoring new Online Music Licenses which will replace the old Joint Online License, meaning PRS is sticking to the notion that the artist should be paid everytime their song is played. Even if it is Flo Rida. Seriously who is listening to Flo Rida – whoever you are, will you ruddy stop please. He’s just awful.