The new agreement will increase year-on-year funding which can be allocated to PRS Foundation from 2024, while also putting in place new measures to ensure its future financial security. Since its creation in 2000, PRS for Music has provided funding in excess of £42m to PRS Foundation to fund music projects – in 2022 alone, PRS Foundation supported 440! The success of the Foundation has been best demonstrated through the hundreds of nominations received by grantees each year for major industry awards. It wasn’t that long ago that the two sides were at loggerheads over some of the noises and decisions emanating from PRS for Music (they are two fully separate organisations, despite the shared platform), so it’s great to see them resolve their differences and commit to a long-term partnership. We don’t want to over-exaggerate, but PRS Foundation are just as critical to the health of the UK music sector as BBC Introducing. Speaking on the new deal, PRS Foundation CEO Joe Frankland said: “We are delighted with the new multi-year funding agreement which allows the Foundation to sustain the level of grant support to help thousands of music creators each year – we thanks PRS for engaging with the sector to find suitable solutions.” Via press release
PRS for Music and PRS Foundation announce a new multi-year funding arrangement.
20, Jan, 2023