In recent news, over fifty in the music industry signed an open letter that calls for a halt to the PRS Foundation’s 60% cut to the annual donations. This was voted in by its Members’ Council and announced by PRS CEO Andrea C. Martin at the performance rights society’s AGM.
The group said in a collective statement: “We respect the commitment displayed by PRS for Music through its 22 years of investment in emerging UK talent from the grassroots up. As the principal patron of the PRS Foundation, PRS for Music has contributed significantly towards making the UK music industry more accessible, more equitable, more creative and more profitable.
“However, both PRS for Music’s track record and the music industry itself will be damaged for the foreseeable future if its unprecedented cutback of Foundation funding is enacted. We stand together to urge PRS for music to halt its proposed cuts to PRS Foundation and reverse a decision that could set the fragile post-Covid music economy back by decades.”
According to the open letter, the proposed cutback could have catastrophic effects on the music industry. “As the UK’s leading charity funding new music and talent development, PRS Foundation supported nearly 500 new music initiatives last year alone, enhancing the prospects of thousands of songwriters, composers, artists, and other music creators.”