The Indian Performing Right Society Ltd (IPRS), which represents music composers, lyricists and publishers, is singing all the way to the bank thanks to the surge in digital consumption of music on OTT and streaming platforms and rising adoption of short-form video platforms.
IPRS has so far collected royalties of over ₹300 crore in FY 21-22, almost doubling collections over the previous year. This is despite the pandemic which hit the overall entertainment industry hard.
The music copyright society issues licences to music users and collects royalties on behalf of its members, which include prominent names such as Javed Akhtar, (Chairman of IPRS), besides AR Rahman, Salim-Sulaiman, Vishal Dadlani, Sameer Anjan, Kausar Munir and a host of other artistes cutting across languages including Hindi, Marathi, Tamil, Telugu, Bhojpuri and Punjabi.
Music licence is needed whether it’s for a public performance, commercials, ringtones, TV or Radio or played in restaurants, hotels or malls or on digital platforms.
Rakesh Nigam, CEO, IPRS, told BusinessLine, “We have collected royalties of about ₹310 crore for the period of FY 2021-22, a new benchmark for us. After deduction of IPRS’ administrative costs, the royalties thus collected are distributed among members. So far we have already distributed royalties of over ₹200 crore and the balance amount is also in the process of being distributed to our members. “
Nigam said, “We believe in the next 2-3 years we have the potential to cross ₹500 crore in terms of collection of royalties.”
With mobility restrictions eased, the music copyright society anticipates income from events, malls, restaurants and hotels to see a revival in this fiscal year.
IPRS distributed royalties of about ₹183 crore in FY 20-21 and about ₹141 crore in FY 19-20. Besides Indian music composers, authors and publishers, it also represents international film players.
“In 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 been shifted online,” Nigam added. The Hindu BusinessLine