Covid-19: Musicians and Songwriters income Threatened in 2020 Compared to 2021
PRS for music is a major body that pays over 145,000 composers and Songwriters when their songs are staged or played anywhere issued this notice which is supposed to act as a warning.
The firm had an increase of 8.7% due to collecting £810 million.
Due to Corona Virus pandemic, the organization says would result in ‘inevitable decline’ in 2020 and come 2021.
In an interview with BBC, Chief Executive of the organization, Andrea Martin said that regardless of the fact that the firm had a record breaking year, the times are unpredictable.
She further said that in 2020 and 2021, live streaming of music as well as stage performance of music will be hit because international payment do take time to go down.
She also said that there will be a downward trend of money circulating in the music industry but she doesn’t know the percentage.
The most scary part is that this downward trend will surely affect the smaller musicians who were struggling before now.
PRS however, realized 18.8 trillion performances, streams, downloads, music played in clubs, concerts and as well as TV and radio stations.
Also note that UK singers and Songwriters also made it to the best selling singles and most played hits in 2019.
Take a look
Live music in the UK also got £54 million royalties against £15 million in 2018.
The major contributions to the revenue we’re basically tours from Elton John, Spice Girls, Ed Sheeran and others.
You can agree with me that to recreate these figures by next year is almost impossible because summer festivals are completely postponed till 2021.
Most tragically, is the announcement by the UK Music that the contribution of live music to the economy of UK which was at £1.1 billion in 2019 will as a rough estimate drastically drop to £200 million which will to this end, act as a big blow to the industry and the UK economy at large.
Ivors Academy of Songwriters have pegged their estimate at a loss of £25,000 every month over a period of six months per member.
Musicians will also lose the income they make playing their music in pubs and concerts.
This not withstanding, live streaming of music has skyrocketed which means musicians and song writers will make huge money from live streaming because income has increased by 22.1%.
Musicians have in turn said the money they realize from live streaming companies like Spotify, Netflix etc., is not enough to get a music career rolling.
This is because most UK residents have shut down live streaming subscription for now due to the lockdown and pandemic.
On Spotify, a song has to be played for 3114 times before making as low as £8.72 while on YouTube a song has to be played for about 7.267 times to make that amount.
Moreover, the emergency relief fund of PR has made up to £2.1 million to serve as palliative for their members who have lost huge amount of money due to the pandemic.
In a new development, Trade Body UK Music have called on the government to as a matter of urgency, set up a working task force that’ll be saddled with the responsibility of to revive the industry in the midst of this pandemic.