PRS For Music announce 60% funding cut to PRS Foundation, creating devastating knock-on effect to financial support provided to emerging & developing music makers
News: 10th June 2022 by Louise Dodgson under Artist Managers, Creative & Branding, Finance, Law & Music Business, Live, Media, Music Publishing, Music Training & Careers, Record Labels, Recording & Production, Selling & Distributing Your Music
It has been announced that PRS For Music, who offer substantial funding support to PRS Foundation, will be cutting their financial contribution from £2.5 million to £1 million from 2024; an announcement which has seen more than 50 music industry organisations call for the society to re-consider this decision.
PRS Foundation has supported emerging and developing artists and bands for many years now, through funding initiatives including Women Make Music, the PPL Momentum Fund, the Talent Development Partner network, Keychange and POWER UP.
This cut will have a significant impact on music-makers, and will be felt particularly harshly during a time when the music community is still recovering from the impact of COVID-19 on the industry.
Please see the links below for PRS Foundation CEO Joe Frankland's response to the announcement, and also sign the petition set up by Featured Artists Coalition requesting that PRS For Music reconsider their decision to slash PRS Foundation's funding by 60%.
Related Links
https://www.change.org/p/stop-the-prs-foundation-cuts
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PRS Foundation funding to be slashed by 60% in devastating move that will affect emerging and developing musicians
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