PRS for Music has signed a long-term licensing agreement with song data hub Auddly to improve the way royalties are distributed and artist data is registered.
This agreement means that PRS for Music songwriter, composer and publisher members can register their composition data and royalty shares with the collecting society at the point of creation, using a new tool powered by Auddly.
The tech start-up’s platform is designed to enable earlier registration of more accurate and authoritative data directly from creators, in turn allowing PRS for Music to improve the speed and accuracy of royalty payments to members.
The platform will also make it possible for industry identifiers such as the International Standard Musical Work Code (ISWC) and the International Standard Recording Code (ISRC) to be assigned while registering works, allowing both sets of data to travel along the value chain together, which Auddly believes will resolve one of the biggest chasms in music industry workflow today.
One of the most significant features announced within the tool, however, is the capacity for creators to communicate directly among themselves in what the company calls a ‘digital handshake’ to organise royalty splits without the requirement for admin work from music publishers.
The hope is that the tool will allow for a standardised and transparent way for all interested parties to collaborate and register data while preventing inaccuracies and inconsistencies as data is processed.
Auddly will make its tool available for free to PRS for Music members once launched next year.
The tech company was founded by Swedish world-renowned songwriter and composer Björn Ulvaeus (ABBA), Grammy award-winning songwriter Max Martin (Britney Spears, Taylor Swift, Justin Timberlake) and Niclas Molinder (songwriting and production duo TWIN), who also leads the company.
This deal comes after several previous initiatives between the two companies that were aimed at raising awareness of the importance of metadata.
Auddly co-founder Ulvaeus said: ‘We share the goal to help songwriters get quick and fair payments and, not least important, get credits whenever and wherever their songs are played. Now’s the time for the world to realise that no one in the music industry is more important than us songwriters! It all starts with a song!’
This agreement means that PRS for Music songwriter, composer and publisher members can register their composition data and royalty shares with the collecting society at the point of creation, using a new tool powered by Auddly.
The tech start-up’s platform is designed to enable earlier registration of more accurate and authoritative data directly from creators, in turn allowing PRS for Music to improve the speed and accuracy of royalty payments to members.
The platform will also make it possible for industry identifiers such as the International Standard Musical Work Code (ISWC) and the International Standard Recording Code (ISRC) to be assigned while registering works, allowing both sets of data to travel along the value chain together, which Auddly believes will resolve one of the biggest chasms in music industry workflow today.
One of the most significant features announced within the tool, however, is the capacity for creators to communicate directly among themselves in what the company calls a ‘digital handshake’ to organise royalty splits without the requirement for admin work from music publishers.
The hope is that the tool will allow for a standardised and transparent way for all interested parties to collaborate and register data while preventing inaccuracies and inconsistencies as data is processed.
Auddly will make its tool available for free to PRS for Music members once launched next year.
The tech company was founded by Swedish world-renowned songwriter and composer Björn Ulvaeus (ABBA), Grammy award-winning songwriter Max Martin (Britney Spears, Taylor Swift, Justin Timberlake) and Niclas Molinder (songwriting and production duo TWIN), who also leads the company.
This deal comes after several previous initiatives between the two companies that were aimed at raising awareness of the importance of metadata.
Auddly co-founder Ulvaeus said: ‘We share the goal to help songwriters get quick and fair payments and, not least important, get credits whenever and wherever their songs are played. Now’s the time for the world to realise that no one in the music industry is more important than us songwriters! It all starts with a song!’
