Christmas Stock picks: Vp 22/12/2011
Benefits of past investment will benefit Vp, suggests Les Copeland
Sector: Technology
Demonstrating the inexorable march of the Internet, royalties received by UK songwriters, composers and music publishers from online sales are growing more quickly than the decline from DVDs and CDs.
This is according to PRS (the Performing Right Society) for Music, the not-for-profit body that ensures such groups are paid when their music is played, performed or reproduced.
An organisation that represents some 65,000 UK songwriters, music publishers and composers, PRS for Music reports that in 2009, UK online revenues for its members increased by £12.8 million (73 per cent) to £30.4 million. During the same period, UK revenue from DVD or CD sales reversed by £8.7 million.
Significantly, this was the first time that annual growth in online sales has been higher than the drop in revenue from DVD or CD sales, though Robert Ashcroft, CEO of PRS for Music, says it is still too early to say whether or not this represents a turning point for the industry.
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