The likes of CMAT, U2 and Hozier along with a host of other artists last year shared a royalty bonanza payout of €46m from the Irish Music Rights Organisation (IMRO) despite the looming threat of Artificial Intelligence (AI) to the sector.
The artists benefited from the bonanza after licence revenue at IMRO "hit an all time high of €52.96m" in 2024 boosted by a 30% surge in licensed revenues from the buoyant concert sector.
The record revenues of €52.96m in 2024 are a 16% or €7.15m increase on the revenues of €45.8m in 2023.
In her accompanying statement, chairperson of IMRO Eleanor McEvoy said that IMRO had produced "another set of excellent results".
Ms McEvoy said "the central theme for all collective management organisations in 2024 has been the evolving challenges and potential opportunities presented by AI. This remains IMRO's top strategic priority".
In their report, the directors, who include Newstalk presenter and frontman of Something Happens Tom Dunne, state that "all revenue categories showed increases in 2024".
They state that "the strong performance of multi-territorial and overseas revenue, due to the performance of the repertoire and the addition of new writers, was supplemented by the continuing buoyant concert market, up 30% on the highs of the prior year".
CEO Victor Finn said that "distributions to our members amounted to €46m, marking a 22% increase from 2023".
"We continue to deliver significant revenue increases, expand our membership, and distributions at a higher frequency and faster pace than our global affiliates, all while maintaining proportionately lower costs," he said.
"In 2024, IMRO welcomed 4,323 new members, a 63% increase compared to new member admissions in 2023 of 2,663, bringing total membership numbers to 26,500 across 180 countries worldwide," he stated.
"Our key strategic objectives include a relentless focus on revenue opportunities, growing our membership base, operational efficiencies, and advocating for improvements in the regulatory environment as AI continues to disrupt and threaten traditional revenue streams," he added.
During 2024 total royalties paid by IMRO to the directors and to parties related to the directors of IMRO amounted to €4.42m - a sharp increase on the €3.42m paid out in 2023.
IMRO last year recorded an operating surplus before tax of €221,014.
The directors state that "strong performances in some revenue lines mask the challenges in others. Inflation, uncertainty and market disruption continue to challenge many customers in the Irish market, and the risk of customer business closures and non-payment of outstanding customer balances remains a key focus".
The profit last year also takes account of combined non-cash depreciation and amortisation costs of €755,213.
Numbers employed last year increased from 56 to 63 while wage and salaries rose from €3.47m to €3.79m Pay to seven members of key management personnel, including pension contributions, totalled €1.22m last year.
IMRO's cash funds last year declined from €16.44m to €9.53m.
Reporting by Gordon Deegan
