The new arrangement aims to support music artists ‘ interests while protecting their copyrights and upholding policies and processes that ensure a high degree of accountability and disclosure.
It also challenges industry issues such as administrative fee limitations and strengthens arrangements for digital rights flow.
PRS for Music represents the rights of its 140,000 songwriters, composers and members of the music publisher in the UK and worldwide.
The organization has more than 100 international recognition deals, representing more than two million entertainment artists around the world.
In 2018, PRS for Music recorded 11.2 trillion music performances with £ 746 million raised on behalf of its members, making it one of the world’s leading cooperative music management organizations.
Celebrating more than 79 years of service, BMI holds the interests to public performance in more than 15 million musical works produced and owned by over one million songwriters, composers and music publishers.
The Organization negotiates copyright license agreements and distributes payments to its associated artists and publishers as royalties when their compositions are played in public.
Andrea C. Martin, PRS for Music’s chief executive, says:’ The latest BMI deal is a significant step towards making the collaboration a real business-to-business alliance. While with BMI we have continuously changed our business practices with the median duration of the other reciprocal agreements of PRS being 35 years, modernizing this dimension of our industry and establishing a strategic basis of our international relationships is a high priority for PRS. “Mike O’Neill, President and CEO of BMI, comments:’ BMI and PRS have a common responsibility to quality. The PRS collaboration supports the dedication and will continue to benefit music producers from our two territories. ‘