Artists including U2, Christy Moore and Hozier last year shared a royalty payout of €22.37 million from the Irish Music Rights Organisation (Imro).
The payout is some way off pre-Covid levels, with Imro royalties of €31.4 million recorded in 2019, but it marks a 7 per cent increase on the €20.7 million equivalent payment in 2020.
The organisation’s licensed revenues last year increased by 5 per cent, from €25.85 million to €27.23 million.
In a statement accompanying Imro’s annual report, chief executive Victor Finn said, “The past year continued to be a challenging environment for Imro’s customers and members alike”.
Kathleen Watkins obituary: broadcaster, author and one half of the original power couple
Wretched, haunted and glassy-eyed, David Coote was made by modern football
Ken Doherty of Assassination Custard takes a culinary tour of the ancient Italian cave-dwelling town of Matera
Owen Doyle: Ireland must ensure Scott Barrett’s claim about Joe McCarthy is not swept under the carpet
“Nonetheless, the 2021 results exceeded our targets. Despite the unprecedented impact of the pandemic, overall revenues increased by 5 per cent and, with the cost-containment measures introduced, our distributable revenues increased by 7 per cent.”
Mr Finn said Imro added “a record 1,800 new members in 2021, bringing our total to over 17,000″.
He added that the organisation was “well-positioned to navigate the recovery and lead the charge toward a modernised, efficient music-licensing landscape”.
During 2021, total royalties paid by the organisation to its directors and to parties related to the directors of Imro amounted to €1.4 million, compared with €1.57 million in 2020.
In reference to Covid-19′s impact on the industry, IMRO chairwoman Eleanor McEvoy said that “while the recent past has been testing, we have learned a great deal as individuals and as an organisation throughout those difficulties, and I do believe that we are a stronger organisation now”.
The accounts show 68 per cent of revenues were generated in the Republic.
Numbers employed by Imro fell from 58 to 47, with staff costs declining from €3.56 million to €3.13 million.
The organisation last year received €479,268 in government Covid-19 wage supports.
Its pretax surplus of €29,253 last year takes account of combined non-cash depreciation and amortisation costs of €715,286.
