IMRO pays out over €35m in royalties to artists in 2022

Royalties paid to members of the IMRO increased by 59% compared to 2021. Photo: Leah Farrell/Rollingnews.ie

The organisation responsible for licensing copyrighted music and distributing royalties to artists has taken in over €42.5m in revenue during 2022 as the public performance side of the industry bounced back following the pandemic.

In total, €35.6m was paid out in royalties to artists last year, an increase of nearly €13.2m or 59% compared to 2021.

The Irish Music Rights Organisation (IMRO) generates revenue from broadcasters, venues, and other businesses by charging them a blanket licence fee for the playing of copyrighted music.

The money it generates from these licences are then paid out to numerous artists including U2, Dermott Kennedy, Hozier, and Christy Moore. As of the end of December 2022, the IMRO had 17,815 members of which 2,000 joined during the course of the year.

Organisations similar to the IMRO operate around the world administering these licences representing publishers and artists.

According to recently filed company accounts, the IMRO saw revenue surge in 2022 by 56% compared to 2021 with increases being seen across all of its categories particularly in the public performance side of the sector. 

Broadcast revenues grew by 4% over the year while live concerts bounced back better than pre-pandemic levels increasing by 12% compared to 2019. Total revenue generated in 2019 came to €38.4m.

“Restarting the business involved re-engaging with a large number of customers whose businesses had been stalled by the pandemic, around closure credits, existing balances and ultimately around payment,” the IMRO said.

“Restarting these activities contributed to licence revenue bouncing back to €42.5m, an increase of €15.27m in 2021.”

Operating costs within the organisation increased in line with the resumption of normal activity. In 2022, the costs totalled €6.8m — up 17% on 2021.

The IMRO generated a final surplus for the year of €45,131 after all taxes, royalties, and costs were paid.