IMRO royalties up 5%

ROYALTY payments to music artists by the Irish Music Rights Organisation Ltd (IMRO) last year increased by 5% to €35.8 million.

Accounts recently filed with the Companies’ Office by the Dublin-based IMRO Ltd, show that its revenues last year increased by 3% from €39.2m to €40.4m.

The company’s 12 directors include Irish artistes Paul Brady, Eleanor McEvoy and Christy Moore. The accounts show that the 12 directors were paid an aggregate €191,300 in royalties last year.

With the retail value of the CD market in Ireland decreasing by €50 million per annum, royalty payments to artistes by IMRO are becoming increasingly important and IMRO’s revenues have climbed steadily from the €28m recouped in 2003. The directors’ report states that public performance and overseas related licence revenue largely contributed to the 3% increase in revenues last year to €40.4m.