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Business News Labels & Publishers
PPL adds extra royalty payment date to help members meet COVID-19 cashflow challenges
By Chris Cooke | Published on Tuesday 28 April 2020
UK record industry collecting society PPL has announced that it will make an advance payment to more than 15,000 performers and labels later this week in a bid to help those members weather the COVID-19 storm.
The collecting society – which administers the recording royalties paid by broadcasters and public spaces where recorded music is played – usually passes on monies to its members four times a year. On that schedule, the next payment would be in June. But with many performers and labels facing cashflow challenges as a result of the COVID-19 shutdown, £23.9 million of royalties will be advanced to members on 30 Apr.
Confirming that plan, PPL boss Peter Leathem said: “PPL’s collections are an important revenue stream to tens of thousands of performers and recording rightsholders, both in the UK and around the world. In these difficult times, it is important that PPL is paying members even more regularly than usual”.
“In addition to our March distribution of £87.6 million and our recent financial pledges to industry hardship funds”, he added, “bringing forward part of the annual June payment to the end of April will provide further meaningful support for those in need”.
Explaining that organising the advance payment had “involved a large amount of additional work”, he went on: “I want to thank PPL’s staff for their tireless efforts in making this payment happen”. Those efforts were worth it, he concluded, because “we felt it was entirely appropriate to take these steps given the importance of cashflow to our members at this time”.
