IMRO revenues down 4%

In but a faint echo of the licensed trade’s revenue decline, revenue at IMRO fell four per cent to €36.5 million last year, reflecting the “continued difficult economic trading environment for all licensees, most particularly in discretionary spending sectors such as pubs, hotels, restaurants and cinema” according to a statement from the company.

In 2010 IMRO revenue was €38 million.

Public Performance revenues (royalties arising from the public performance of copyright music in shops, bars, cinemas, hotels, office and live concerts) fell nine per cent (€1.4 million) to €13.5 million compared to 2010.

Despite this, the company “performed well” according to its Chief Executive Victor Finn who added that the fall in revenues was expected and could be attributed to the “continued difficulties faced by the hospitality, broadcasting and live music sectors”.

IMRO Chairman Keith Donald pointed out that, “The ongoing economic downturn continues to pose challenges for IMRO. In 2012 our focus will be to maintain 2011 revenue, continue a review of our licensing schemes, grow online revenue, enforce rights on behalf of our members via an effective office-based and on-the-ground presence and via a rigorous defence of members’ copyrights”.

Sign Up for Drinks Industry Ireland

Get a free weekly update on Drinks Industry trade news, direct to your inbox. Sign up now, it's free