The new arrangement continues to champion the rights of music creators while protecting their copyrights and honouring the practices and procedures that maintain a high degree of transparency and accountability.
It also challenges industry issues like the limitations on administration fees and strengthens arrangements regarding the flow of digital rights.
PRS for Music represents the rights of its 140,000 songwriters, composers and music publisher members in the UK and around the world.
The society has more than 100 representation agreements in place globally, representing over two million music creators worldwide.
In 2018, 11.2 trillion performances of music were reported to PRS for Music with £746m collected on behalf of its members, making it one of the world’s leading music collective management organisations.
Celebrating over 79 years of service, BMI represents the public performance rights in over 15 million musical works created and owned by more than one million songwriters, composers, and music publishers.
The Company negotiates music license agreements and distributes the fees it generates as royalties to its affiliated writers and publishers when their songs are performed in public.
Andrea C. Martin, chief executive, PRS for Music, says: ‘Our new agreement with BMI is a huge step towards making our relationship a true business-to-business partnership. While with BMI we have consistently updated our business practices with the average term of PRS’s other reciprocal agreements being 35 years, it is a high priority for PRS to modernise this aspect of our business and uphold a commercial foundation for our international society relationships.’
Mike O’Neill, President and chief executive, BMI, comments: ‘BMI and PRS have a shared commitment of delivering the highest standards of transparency and service to our affiliated songwriters, composers and music publishers. This partnership with PRS embraces that commitment and will continue to benefit music creators from both of our territories.’