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RECORD RESULTS AT PRS FOR MUSIC AGM

RECORD RESULTS AT PRS FOR MUSIC AGM

London, May 2018: At the annual PRS For Music AGM, held at the British Library on May 24th, CEO Robert Ashcroft said that the collection society's recent record results were a result of its ability "to keep pace with industry change", with online collections increasing by 52.7 percent to hit £122.9m. However he opened his speech with an explanation and apology for a series of overpayments made over the past 12 months, which will need to be repaid or recouped from the next round of distributions except for certain historical errors. "Our focus now is on making sure that we do not have a recurrence of either these, or any similar problems in the future and we have been working hard to understand both their root causes and potential solutions," said Ashcroft.

Jim Duguid and Dru Masters
Jim Duguid and Dru Masters
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Nigel Elderton and Robert Ashcroft
Nigel Elderton and Robert Ashcroft
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Meanwhile Jim Duguid and Dru Masters were elected to the PRS Board as new Writer Directors replacing Crispin Hunt and Mick Leeson, while Edward Gregson, John Minch and Simon Platz were re-elected as Publisher Directors. Stephen Davidson and Mark Poole were re-elected as external Directors on the PRS Board, while keynote speeches were also given by Chairman Nigel Elderton and Chief Financial Officer Steve Powell.

Songwriter and musician Jim Duguid first came to prominence as a drummer in the band Speedway, where he also developed his songwriting in sessions with Steve Robson, Guy Chambers and Stargate. Later, he established himself as a songwriter through his work with Scottish singer Paolo Nutini, helping with the writing and recording of his 2006 debut album, These Streets. In 2010, Jim set up a studio in London, working with many young artists. His biggest hit to date is the track Too Close, co-written with artist Alex Clare, which has sold almost 5m copies around the world, with over 65m views on YouTube and over 110m streams on Spotify. The duo received the Songwriter of the Year Award at ASCAP's annual London awards in 2014. Jim currently works from his studio just outside London, working with the likes of Sam Smith, Katy B, George Ezra and Charli XCX. He is an advocate for songwriters and composers and is involved with PRS for Music's Creator Voice project, helping promote the value of creators' rights in the digital domain, and campaigning for better remuneration for writers' and composers' works.

Dru Masters is a composer for TV and film, whose work includes scores for some of the UK's most successful drama and factual shows, including International Emmy-winning, Capital, the BBC's multi-award-winning drama, Silk, Charlie Brooker's comedy drama A Touch of Cloth, and BAFTA-winning, The Apprentice. Last year, he won the prestigious RTS Craft & Design award for Original Score for his work on BBC One's BAFTA-winning Damilola, Our Loved Boy. As a songwriter and producer signed to Warner/Chappell and EMI Records, he has worked with artists as diverse as George Michael and the Mediaeval Babes. Dru previously studied classical music at the Purcell School, where he now teaches occasional masterclasses. As of last year, Dru has been part of the PRS Commercial Advisory Group. He is currently scoring a 12-part series for Netflix and producing an album for classical violinist, Min Kym.

Welcoming the new directors to the Board, PRS Chairman Nigel Elderton said, "I am delighted to welcome two new Writer Directors to the Board, Jim Duguid and Dru Masters, who I know will make a valuable contribution to our deliberations. I would also like to welcome back Eddie Gregson, Publisher Directors, Simon Platz and John Minch, and external Directors Stephen Davidson and Mark Poole, who will continue to provide us with their insight and guidance. With this combination of fresh ideas and sound business knowledge we will continue to build on the success we have seen over the last few years, not just in collecting record amounts of royalties, but as a membership organisation that is truly run by its members, for its members."

The AGM follows PRS for Music's recent announcement of its financial results for 2017. PRS distributed an all-time high of 605.1m to its members for the use of their musical works, an increase of 77.5m, up 14.7% on 2016. With 6.6 trillion performances of music reported to PRS last year, 53% more than in 2016, including streams, downloads, broadcasts and live music shows, the music licensing company collected a record 717m on behalf of its members, an increase of 12.7% (£80.7m) year-on-year.

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