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”.
Ballroom Blitz review: Adam Clayton’s celebration of Irish showbands hints at the burden of being in U2
Our Little Secret: Awkward! Lindsay Lohan’s Christmas flick may as well be AI generated
Edwardian three-bed with potential to extend in Sandymount for €1.295m
‘My wife, who I love and adore, has emotionally abandoned our relationship’
“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.
