PRS for Music restructures

PRS for Music has announced a new plan to restructure the existing business partnership behind the UK music collection society, with the joint boards of PRS and MCPS saying that the moves will enable significant cost saving within MCPS, the society that  represents mechanical rights, while continuing licensing administration, royalty processing and account management for members.  The move comes as MCPS has faced a significant decline in income as the consumer market moved from CDs and DVDs to downloads and streaming, despite collecting £176 million in 2012, out of a total PRS for Music income of £641.8 million.  The key components of the plan agreed include a change in the ownership of the operating company known as PRS for Music and MCPS has agreed to sell its shares to PRS and PRS, as owner of PRS for Music, will deliver royalty processing services to MCPS members under a service agreement.