Some 50 organisations across the music industry have come together to sign an open letter asking PRS for Music, which pays out royalties for members that have music broadcasted, performed in public, streamed or downloaded, to reverse a decision to make cuts.
PRS for Music announced at the end of May that it would be reducing its donations to the charitable PRS Foundation by 60%.
The foundation is a charitable organisation that helps to fund new music and talent development. Last year, the foundation backed nearly 500 new music initiatives alone.
An open letter has been written to PRS for Music by members of the Association of Independent Music (AIM), IVORS Academy and more.
The open letter said: “We respect the commitment displayed by PRS for Music through its 22 years of investment in emerging UK talent from the grassroots up. As the principal patron of the PRS Foundation, PRS for Music has contributed significantly towards making the UK music industry more accessible, more equitable, more creative and more profitable.
“However, both PRS for Music’s track record and the music industry itself will be damaged for the foreseeable future if its unprecedented cutback of PRS Foundation funding is enacted.”
The open letter added: “With 60% less investment, there will be 60% fewer successes. We do not believe a drastic rollback to 2000-levels of investment is fair, reasonable or even justifiable.”