PRS for Music and PRS Foundation announce funding agreement

British copyright collective PRS for Music and charitable funding organisation PRS Foundation have today announced a new multi-year funding agreement. Under the new deal funding received by the charity from PRS for Music will increase year-on-year from 2024, with £2.5m committed to the Foundation for 2023.

Until now, grants allocated to PRS Foundation have been generated by interest earned on royalties awaiting distribution to PRS for music members. However, funds for the charity have decreased as royalties are paid out increasingly quickly and interest rates have remained low. The PRS Members’ Council has therefore agreed on a new annual funding model.

PRS Foundation CEO, Joe Frankland (pictured), said: ‘We are delighted with the new multi-year funding agreement which allows the Foundation to sustain the level of grant support available to help thousands of music creators each year. The significant impact of our proactive and inclusive approach has been clearly demonstrated, and we thank PRS for Music for engaging with the sector to find suitable solutions.’

Since its launch in 2000, PRS Foundation has given more than £44 million to over 8,500 new music initiatives through direct grants to composers and support for music organisations including venues and festivals. PRS for Music provided over £42 million of that sum. The new agreement will mean 10% of funding provided by PRS for Music will be used to strengthen the Foundation’s reserves, allowing the charity tol raise a further £1.5m-£2m annually from other sources to support more grantees.