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There’s some good news coming out of the UK this morning. Collecting society PRS for Music has agreed a new multi-year funding agreement with PRS Foundation, the body that has supported emerging musicians and music projects to the tune of £44m since it was founded in 2000.

The news follows loud protests last year after PRS for Music announced plans to cut its annual funding for the foundation by 60%, including a campaign led by the Featured Artists Coalition calling for a u-turn on that decision. A group of British industry bodies also joined the calls for a rethink.

The new deal, announced this morning, will now increase the funding for PRS Foundation year-on-year from 2024, while setting aside a portion of it to “strengthen the Foundation’s reserves”. The Foundation will also be looking to raise between £1.5m and £2m every year from other sources.

CEO Joe Frankland said he was “delighted” by the deal and thanked PRS for Music for its willingness to figure out a solution. The FAC also welcomed the news, with CEO David Martin calling it “incredibly welcome for the artist community”.

Music Ally’s next Learn Live webinar will help you understand what’s required for artists to thrive in new international markets!

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Stuart Dredge

Music Ally's Head of Insight

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