Welsh music industry faces tough future
Post categories: Music,ÌýNorth Wales
| 11:46 UK time, Monday, 7 December 2009
Many parts of the Welsh music industry could suffer a catastrophic slump in revenue, according to a new report by Bangor University's School of Music with the Centre for Business Research and Market Intelligence.
The industry's annual turnover may plummet by 84% next year from £1.5m to £260,000, according to the in north Wales.
The fall in revenue will be caused by a formula readjustment by the Performing Rights Society (PRS), affecting rates paid to composers and music publishers for music played on ´óÏó´«Ã½ Radio Cymru.
The new report recommends the creation of an independent Welsh Music Royalties Society.
The new report recommends the creation of an independent Welsh Music Royalties Society.
Adam Walton
Bethan Elfyn
James McLaren
Laura Sinnerton
Comment number 1.
At 7th Dec 2009, Adam Walton wrote:I'll be covering this on my show this coming Sunday night.
I anyone reading has any opinions to offer on this potentially cataclysmic change to revenue streams, please get in touch with me.
adam.walton@bbc.co.uk
Thanks / diolch.
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Comment number 2.
At 9th Dec 2009, Dai Lloyd wrote:I'll think you'll find that the Welsh Music Industry is actually worth around £144 million - the £1.6 million mentioned in the article in the Daily Post is misleading as it refers to direct PRS payments to Wales which will be reduced by 83% as a result to recent changes to around £260,000, which will also affect the wider industry. You can download the whole of Bangor University's report from www.ygynghrair.com and within that report it recommends further research into the formation of a collection agency along the lines of IMRO - the Irish Music Collection agency which has been very successful since its' establishment...
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