Livestream concerts have turned into a source of revenue for some artists deprived of world tours, but they may soon have to face added taxes. Image: TopWarut / Getty Images Plus via AFP Relaxnews.
The collective PRS for Music Limited, which manages the rights of British authors, composers and music publishers, is considering introducing different tax rates for paid or sponsored livestream concerts.Virtual shows generating up to £50,000 pounds would have to pay 8% of their revenue to the collective, while those making over £450,000 pounds would have to give back 17% of their revenue. By way of comparison, PRS implements a 4.2% tax rate on physical shows.
This open letter addressed to PRS for Music Limited has already been signed by over 50 artists’ managers, notably those representing Liam Gallagher, Dua Lipa, Biffy Clyro, Fontaines DC, Gorillaz and Yungblud, as well as songwriters members of FAC.While taxing livestream concerts is a sensitive issue in the U.K. right now, it is highly possible that other countries will investigate the future potential of these live performances.