The Indian Performing Right Society Limited (IPRS), a representative body of music composers, lyricists, and publishers, creates a new benchmark, by distributing royalty amounting to Rs. 325 Crs. in the past two years. The last two years have been challenging across various sectors. The music and entertainment industry was no exception. During this challenging time, IPRS aided its members with royalties when other sources of income got restricted.
Mr. Rakesh Nigam, CEO, The Indian Performing Right Society
Capturing the worldwide study, CISAC has just released its Global Collections Report for 2021 (based on 2020 collections data). As per the report published, The Indian Performing Right Society Ltd. (IPRS) ranked as the 6th largest Society by revenues in the Asia-Pacific region, out of 11 Societies featuring in the Top 50. The Paris-based International Confederation of Societies of Authors and Composers (CISAC) is the apex body of 232 Authors Societies in 121 countries representing more than 4Mn creators.
While the pandemic affected every industry, consequently affecting people’s livelihood; there was some respite for IPRS members who got their royalties in time to face the pandemic to sail through the difficult times. As per CISAC Global collection report 2021, IPRS emerges strongly in revenue collection in these testing times. Worldwide royalty collections for creators of music, audio-visual, art, drama, and literary works fell by 9.9% in 2020, with losses amounting to more than €1 billion as a result of the global pandemic.
Consequently, the pandemic has changed the way authors, composers and creators thought about royalties. There is growing awareness about the importance of enrolling with a copyright society. It not only plays a significant role in safeguarding the Creators rights but also helps in representation as a community and be protected financially whenever there is any crisis. The dynamics of the entertainment and music industry have transformed drastically in the way music is created, distributed, and consumed. Thereby paving the way for creators to explore and leverage new opportunities.
Mr. Javed Akhtar, Chairman, IPRS said, “The past several months have been extremely unfavorable. Members across industries have been affected physically, mentally, and financially. IPRS has always believed in safeguarding the rights of its members. And irrespective of the challenges, I’m proud that we at IPRS went all out to keep our earnings alive and ranked as the 6th largest society by revenues in the Asia-Pacific region. In terms of collections for music rights from the Top 50 societies around the world (representing 99% of total collections for this category), IPRS ranked 32nd in 2020 with collections of €20m. This compares with 47th position in 2018 with collections of just €5.6m.CEO Mr. Rakesh Nigam and his team at IPRS deserve the credit for this commendable feat.
We feel delighted that our copyright body has been able to secure the rights of over 8000 plus members, and we look forward to continuing our support to our author, composer and publisher members.”
Mr. Rakesh Nigam, CEO of IPRS elated on the announcement added, “We are glad to share that IPRS distributed the largest share of royalty in the past two years. With this, we hope to increase the collection every year and help the authors, composers and publishers obtain their rightful dues for their immense contribution to music and the industry as a whole. Also, having an indispensable role in protecting the Members Rights, being a member of IPRS is in a way a long-term investment for the authors, composers and publishers of music.”