New Music Receives £3.75 Million Funding Boost From PRS
The PRS Board has made a significant long-term commitment to PRS Foundation for New Music by confirming its donation of £1.25m each year for the next three years.
The PRS Foundation provides essential core support for creators, performers and producers of new music throughout the UK.
Since its launch as a registered charity in 2000, the Foundation has provided £9.5m worth of support to new music projects and has established itself as the largest single provider of funding solely for new music in the UK.
Ellis Rich, PRS chairman, said: "The PRS Board is delighted to provide this donation to the PRS Foundation for the next three years. We are equally delighted that the Foundation intends to source additional partnership funding from other organisations during this time. This is great news for music and for anyone who has ever wanted to make music."
This commitment enables the Foundation to stimulate and support new music of all genres through to the end of 2009. The donation is made from PRS non-licensed revenue (e.g., bank interest on income received prior to its payment as royalties to members).
Charlotte Ray, director of the Foundation, said: "The PRS Foundation is extremely grateful to the Board and membership of PRS for this commitment to and endorsement of its work. The Foundation has become a crucial focal point for music creators of all genres, and the PRS Board and members can be proud of its invigorating work on behalf of new live music in the UK."
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