British music licensing company PPL has amended its annual payment schedule in order to bring forward part of its June distribution to support its members during the COVID-19 crisis.
On April 30, 2020, PPL will make an advance payment of £23.9 million (approximately $29.7m) to more than 15,000 performers and recording rightsholders.
They are set to receive payment either as direct members of PPL or indirectly through other collective management organizations.
“This action is being taken to further support members during the COVID-19 pandemic,” states PPL in a press release, which adds that “the payment will bridge the gap between payments made in March and June as part of PPL’s annual distribution schedule”.
The news of the advance distribution follows the organization’s recent quarterly payment to 26,000 to performers and recording rightsholders of £87.6 million on March 31.
It also contributed to a pan-industry fund set up by record labels association, the BPI, which saw an additional £1.5m being made available to the Help Musicians Coronavirus Financial Hardship Fund and other channels for supporting musicians.
“PPL’s collections are an important revenue stream to tens of thousands of performers and recording rightsholders, both in the UK and around the world.”
Peter Leathem, PPL
PPL Chief Executive Officer Peter Leathem (pictured), said: “PPL’s collections are an important revenue stream to tens of thousands of performers and recording rightsholders, both in the UK and around the world.
“In these difficult times, it is important that PPL is paying members even more regularly than usual.
“In addition to our March distribution of £87.6 million and our recent financial pledges to industry hardship funds, bringing forward part of the annual June payment to the end of April will provide further meaningful support for those in need.
“I want to thank PPL’s staff for their tireless efforts in making this payment happen. It has involved a large amount of additional work; however we felt it was entirely appropriate to take these steps given the importance of cash flow to our members at this time.”
Music Business Worldwide