PRS for Music chief executive Robert Ashcroft has discussed the £2.5m loss suffered by MCPS last year – and laid out the hopeful plan to turn the fortunes of the mechanical royalties body around.
Ashcroft addressed the MPA AGM last week in London via MCPS chair Nigel Elderton, who read out a prepared speech. Ashcroft was unable to attend the event.
The PRS exec noted that £1m in IT-related cost-saving measures were on the cards for 2012 – and noted that German society GEMA will shortly announce an intention to buy into copyright database ICE.
However, he also admitted the finances of MCPS – which posted a 13.2% decline in recorded music media licensing revenues in 2011 – was “not good and getting worse”.
You can read Ashcroft’s speech (read out by Elderton) in full below:
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