PRS announce new music streaming rates

PRS for Music, the UK's royalty collection group for music artists and publishers, has announced new, lower minimum rates for online music streaming services. The new rates will be effective as of July 1. The rates will be reduced from £0.0022 per track streamed down to £0.00085. Whilst the headline royalty rates will increase from 8% to 10.5%, the PRS hopes to "stimulate growth in the digital music market," according to a press release from them. The new rates will remain the same for three years.

PRS say "As new entrants join the market and existing providers expand, music creators will reap the rewards by sharing in the success that their talent is generating. This is a good deal for music creators and for music lovers."

Music streaming companies who offer their services in the UK have to pay royalties through the PRS. The PRS decides the rates that streaming sites are charged, although their members obviously contribute to this decision.

Andrew Shaw, managing director of PRS, said "it's a big step and a good indicator that YouTube and Pandora may come back. The PRS have shown that it is no longer a one sided argument any more," according to an article from the BBC.

Many members will remember when Pandora, a popular music streaming service, cut off access to UK members as a result of disputes regarding the rates in early 2008. Similarly, Youtube decided to remove premium music videos earlier this year in the UK, failing to reach an agreement with the PRS.

Whether or not this will attract the likes of Pandora and Youtube back again remains to be seen, however it would certainly seem that the PRS would like to see that happen.

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No need for so many decimal points, and no "£" sign if you have a "p" on the end, so "down from 0.22p for each track streamed to 0.085p" or "down from £0.22 for each track streamed to £0.085"

JJ_ said,
No need for so many decimal points, and no "�" sign if you have a "p" on the end, so "down from 0.22p for each track streamed to 0.085p" or "down from �0.22 for each track streamed to �0.085"

Er, no..0.22p is £0.0022 - you really think each stream would cost 22p (£0.22)?! lol

So the new price is 0.085p = £0.00085 (Both you and the author have got it wrong lol)

Whoops, so I did. Changed it now :)

In future, if you see a mistake in an article, click the "Report a problem" link at the top, as I would have spotted it earlier.

Problems reported this way are posted for all news reporters and editors to see so it gets fixed quicker. Thanks anyway!

Is this the same PRS that isn't an actual governing body, only pays companies that are within their scheme, and has, to date, not yet won a legal case against someone who hasn't paid them? They need to get over themselves. Good to see they've reduced the rates, but they need to stop with the RIAA-inspired scare tactics and WORK with the companies such as YouTube, Pandora, Halfords(!), etc.