Indian Performing Right Society Limited (IPRS) ranked 6th largest by revenue in the Asia-Pacific region

Distributes royalties of over 325 crore to its members, including its sister companies Mumbai, Maharashtra, India (NewsView). amounting to Rs. 325 Crs. over the past two years. The past two years have been difficult in various industries. The music and entertainment industry was no exception. During this difficult time, IPRS helped its members with royalties when other sources of income were restricted. Seizing the global study, CISAC has just released its report on global collections for 2021 (based on data from 2020 collections). According to the published report, the Indian Performing Right Society Ltd. (IPRS) was the 6th largest company in terms of revenue in the Asia-Pacific region, out of 11 companies in the Top 50. The International Confederation of Societies of Authors and Composers (CISAC) is the umbrella body of 232 authors’ societies in 121 countries representing more than 4 million creators. While the pandemic has affected all industries, consequently affecting the livelihoods of people; there was some breathing space for IPRS members who got their royalties on time to deal with the pandemic and get through tough times. According to CISAC’s 2021 Global Collection Report, IPRS is emerging strongly in revenue collection in these testing times. Global royalty collections for creators of musical, audiovisual, artistic, dramatic and literary works fell 9.9% in 2020, with losses amounting to more than € 1 billion due to the pandemic global. As a result, the pandemic has changed the way songwriters, composers, and creators view royalties. There is a growing awareness of the importance of registering with a copyright society. It not only plays an important role in safeguarding the rights of the creator, but also contributes to representation as a community and to being financially protected in times of crisis. The dynamics of the entertainment and music industry have radically changed the way music is created, distributed and consumed. thus opening the way for creators to explore and exploit new opportunities. Mr. Javed Akhtar, President of IPRS said: “The last few months have been extremely unfavorable. Members of all industries have been affected physically, mentally and financially. IPRS has always believed in safeguarding the rights of its members. And whatever the challenges, I am proud that at IPRS we have done everything to keep our revenue alive and we are ranked 6th among companies by revenue in the Asia Pacific region. In terms of music rights collections from the world’s top 50 companies (representing 99% of total collections in this category), IPRS ranks 32nd in 2020 with collections of € 20 million. This compares to the 47th position in 2018 with collections of only 5.6 million euros. The CEO, Mr. Rakesh Nigam and his team at IPRS deserve credit for this laudable achievement. We are delighted that our copyright organization has been able to secure the rights of over 8,000 members and look forward to continuing to support our member authors, composers and publishers. Mr. Rakesh Nigam, CEO of IPRS, delighted with the announcement, added: “We are pleased to share that IPRS has distributed the largest share of royalties over the past two years. With this, we hope to increase the collection every year and help songwriters, composers and publishers get their due for their immense contribution to music and the industry as a whole. Also, having an indispensable role in the protection of Members’ Rights, being a member of the IPRS is in a way a long-term investment for authors, composers and music publishers. Image: Mr. Rakesh Nigam, CEO, The Indian Performing Right Society PWR PWR

(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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