THE IRISH MUSIC Rights Organisation (IMRO) has reported a 4.2 per cent drop in licensing revenue for 2011 to €36.5 million.
IMRO says the drop was anticipated and reflects the ongoing difficult economic trading environment for all licensees, especially in the hospitality sector.
Meanwhile, broadcasting (excluding cable) and concert revenue remained stable last year, and 566 new members signed up last year. Public performance revenue (royalties arising from music used in bars, shops, cinemas, hotels and offices) fell by 9 per cent in comparison to 2010 to €13.5 million.
The organisation reports an increase in overseas revenue of 13 per cent to €3.7 million for the year. Of this, 35 per cent was generated in the UK, 36 per cent in other EU countries and 11 per cent in the US.
IMRO CEO Victor Finn said the copyright music company “remains committed to representing a collective voice for music creators in a challenging economic environment”.
“We have and will continue to invest in our IT systems in order to further drive revenues,” he added. “The majority of members are now using the members online portal to manage their membership transactions with IMRO. This is delivering both savings and enhanced information flow for all. The recent launch of a new and improved IMRO website continues our investment in online tools for members and licensees.”
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