On Monday 11 June, PRS for Music’s concert tariff rose to 4%, after a three year consultation on Tariff LP between PRS and major industry bodies representing the live sector. The original tariff, which was set in 1988, was 3% gross of box office receipts per event. Tariff LP applies to live popular music events, with PRS members, licensees, stakeholders and live industry sector bodies.
Here’s the important bit: whilst the tariff for concerts is increasing to 4%. There is a new lower royalty rate within the tariff for festivals that meet specific criteria which means they will see a decrease in the royal rate to 2.5%. The minimum fee charged for events will be waived entirely where music reporting requirements are adhered to and a new direct licensing mechanism has been set up.
The Association of Festival Organisers (AFO), Association of Independent Festivals (AIF), British Association of Concert Halls (BACH), Concert Promoters’ Association (CPA), Glastonbury Festivals Limited, Music Venue Trust (MVT), National Arenas Association (NAA), Society of London Theatre (SOLT), and the UK Theatre Association came to an agreement on the new tariff in June last year.