The Indian Performing Right Society Ltd (IPRS), which represents composers, lyricists and music publishers, sings to the bank thanks to the increase in digital music consumption on OTT and streaming platforms and to growing adoption of short-form video platforms.
The IPRS has so far collected royalties of over ₹300 crore in FY21-22, nearly doubling collections from the previous year. This is despite the pandemic which has hit the entertainment industry as a whole hard.
The music copyright society issues licenses to music users and collects royalties on behalf of its members, which include prominent names such as Javed Akhtar, (IPRS Chairman), in addition to AR Rahman, Salim-Sulaiman, Vishal Dadlani, Sameer Anjan, Kausar Munir and a host of other artists crossing languages such as Hindi, Marathi, Tamil, Telugu, Bhojpuri and Punjabi.
A music license is required, whether for public performance, commercials, ringtones, television or radio or played in restaurants, hotels or shopping malls or on digital platforms.
Rakesh Nigam, CEO, IPRS, said Activity area“We collected royalties of approximately ₹310 crore for the period of FY 2021-22, a new benchmark for us. After deduction of the IPRS administrative costs, the royalties thus collected are distributed among the members. So far, we have already distributed royalties of over ₹200 crore and the balance amount is also being distributed to our members.”
Nigam said, “We believe that in the next 2-3 years we have the potential to cross ₹500 crore in terms of royalty collection.”
With mobility restrictions eased, the music copyright firm expects revenue from events, malls, restaurants and hotels to see a revival this fiscal year.
IPRS distributed royalties of around ₹183 crore in FY20-21 and around ₹141 crore in FY19-20. In addition to Indian composers, authors and music publishers, he also represents international film players.
“Over the past two years, we have also added nearly 4,000 new members and now have over 8,500 members as the membership process has moved online,” Nigam added.
April 25, 2022