PRS for Music has made a minor amendment to the inflation adjustment clause in the July 2012 edition of PRS for Music Tariff SE (for sports events) that is of benefit to customers charged using this tariff. The change has also been applied during this year’s inflation adjustment to the 2011 tariff.
The change we have made reduces the level to which rates are rounded and changes the method of rounding within the calculation of annual inflation adjustments. The current paragraph relating to inflation adjustment (Section 4) changes from:
“After application of the inflation adjustment the standard royalty rates will be rounded up to the nearest 0.025 of a penny, or in the case of charges in sections 1.7 and 1.8 to the nearest £0.50.”
“After application of the inflation adjustment, the standard royalty rates will be rounded to the nearest one thousandth of a penny, or in the case of charges in sections 1.7 and 1.8 to the nearest penny.”
As this is a minor change of benefit to customers, we will be notifying representative bodies but will not be issuing notices to individual customers.
Tariff SE July 2012
Tariff SE July 2011