ROYALTIES PAID to musicians by the Irish Music Rights Organisation Ltd (Imro) last year increased by 5 per cent to €35.8 million.

Accounts recently filed with the companies office by Imro show that revenues last year increased by 3 per cent from €39.2 million to €40.4 million.

Some of the company’s 12 directors include well-known Irish artists Paul Brady, Eleanor McEvoy and Christy Moore; the accounts show that the 12 directors were paid an aggregate €191,300 in royalties last year.

With the retail value of the CD market in Ireland reducing by €50 million per annum, payments to artists by Imro are becoming more important. The company’s revenues have climbed steadily from the €28 million in 2003.

The directors’ report states that public performance and overseasrelated licensing revenues largely contributed to the 3 per cent increase in revenues last year to €40.4 million.

The figures show that the company had an exceptional income of €529,600 relating to a curtailment gain on the firm’s pension scheme as a result of the capping of pensionable salaries at January 1st 2009 levels.

Imro also revalued its property, with a writedown of €1.4 million last year.

The filings show that after the payout of €35.8 million to artists, Imro had a pretax surplus of €723,439 – almost a threefold increase on the pretax surplus of €250,852 in 2008.

The company’s pretax surplus was also boosted by interest payments totalling €393,596.

The directors note that royalties have increased by €1.56 million or 5 per cent over 2008 “as a result of increased activity”.

Operating costs were down 7 per cent to €5.1 million, with operating costs as a percentage of income down from 14.2 per cent to 12.8 per cent.

Imro is a not-for-profit organisation, has 5,000 members and collect payments by charging users such as broadcasters, venues and businesses a licence fee. It then distributes the proceeds to the copyright owners.

The accounts show that the company last year increased the number it employs by three to 37, with its staff costs increasing from €2.3 million to €2.4 million.

A geographical analysis of the company’s licensing revenue shows €36 million of the Imro’s €40.4 million was received in Ireland with €1.7 million received in Britain and €1.67 million in other EU states, with €322,457 in the US and €655,787 elsewhere globally.

The accounts also reveal that the Imro’s directors received an aggregate €216,986 for services as directors.