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”.
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