New figures show a £7 million slump in sales growth
The amount of money going to musicians in the UK from music royalties has fallen for the first time ever.
According to new figures released by The Performing Right Society (PRS) For Music the money that artists get from their songs being played in public fell by £7 million last year.
The body, which represents 75,000 songwriters, composers and music publishers, also revealed that royalties dropped by one percent overall in 2010 to £611.2 million.
Robert Ashcroft, Chief Executive of PRS For Music, said the slump was down to a drop in CD sales and a slowdown in legal downloads.
“The loss of high street outlets, the slowdown in physical music sales as well as the difficulty in licensing music usage online has meant for the first time we’ve seen royalties collected dip,” he told BBC Newsbeat.
Biffy Clyro singer Simon Neil said the figures were bleak news for the industry.
“The thing about PRS is for a lot of bands it’s the only way you make money,” he said. “In our first six years of being in a band that was the only kind of income we had.”
He added: “It’s the bread and butter for bands. It’s almost your only guaranteed source of income.”