PRS for Music and YouTube have announced the signing of a license agreement, covering the more-than 100,000 artists, composers and publishers who are members of the performing rights organization. The agreement covers over 130 territories throughout Europe, North Africa and the Middle East.
“Streaming is a key growth area for PRS for Music, helping drive our online revenues to over £50M in 2012. YouTube’s vast reach around the world offers our publishers and songwriters a unique stage and music lovers access to millions of songs. I am delighted we have reached such an important multi-territory agreement," wrote PRS for Music's chief executive Robert Ashcroft in a statement. Ashcroft continued, saying that "The issue of remuneration from streaming services remains a key one for our members and the further evolution of our licensing relationship with YouTube will help ensure continued growth in royalties for our members from one of the world’s leading video platforms."
Chris Maxcy, YouTube's director of global music partnerships, also commented on the deal, saying: “We're delighted to renew our successful partnership with the PRS for Music. This means the UK's music publishers, songwriters and composers can continue to reach new and existing fans on YouTube and the passionate YouTube community can keep enjoying listening to music and discovering new artists online.”
PRS for Music and YouTube signed their first licensing agreement in 2007.