Irish music artists split £22.4m in royalties from Imro – The Irish Times
Last year artists like U2, Christy Moore and Hozier shared a £22.37 million royalty from the Irish Music Rights Organization (Imro).
The payment is a far cry from pre-Covid levels, with Imro royalties of €31.4m recorded in 2019, but it marks a 7% increase on the equivalent payment of €20.7m in 2020 .
Last year, the organization’s licensing revenue increased by 5%, from €25.85 million to €27.23 million.
In a statement accompanying Imro’s annual report, Managing Director Victor Finn said: “The past year has continued to be a challenging environment for Imro customers and members.”
“Nevertheless, the 2021 results exceeded our objectives. Despite the unprecedented impact of the pandemic, overall revenues increased by 5% and, thanks to the cost containment measures put in place, our distributable income increased by 7%.
Mr Finn said Imro had added “a record 1,800 new members in 2021, bringing our total to over 17,000”.
He added that the organization was “well positioned to navigate the recovery and lead the charge toward a modernized and efficient music licensing landscape.”
In 2021, total royalties paid by the organization to its directors and parties related to Imro directors amounted to €1.4 million, compared to €1.57 million in 2020.
Referring to the impact of Covid-19 on the industry, IMRO President Eleanor McEvoy said that “although the recent past has been trying, we have learned a lot as individuals and as that organization throughout these difficulties, and I believe that we are a stronger organization now”.
Accounts show that 68% of revenue was generated in the Republic.
Imro’s workforce fell from 58 to 47, with payroll costs falling from 3.56 million euros to 3.13 million euros.
Last year, the organization received €479,268 in Covid-19 salary support from the government.
Its pre-tax surplus of €29,253 last year takes into account combined non-cash amortization charges of €715,286.