The FAC is calling on the PRS for Music's Executive Leadership Team and Members' Council to reconsider its decision to slash PRS Foundation's funding by 60% in 2024.

PRS Foundation launched in 2000 to fund talent development and support new music in the UK. Its grantees have gone on to be winners and nominees of some of music's most sought after accolades: Grammys, BRITs, MOBOs and Mercury Prizes, such as Wolf Alice, Floating Points, Dave, Little Simz, Sam Fender and Anna Meredith.

Not only does the move feel short-sighted, it also seems to make little financial sense, given that PRS Foundation grantees almost triple their PRS income within two to three years of receiving a grant.

This funding is quite literally the definition of investing in the future. The UK's developing music creators are already trying to navigate post pandemic challenges, new barriers to touring in Europe and a cost of living crisis with the knock-on impact on touring costs and consumer confidence, in what is the most challenging period in a generation for our music makers.

The £2.5m donation to PRS Foundation represents just 0.32% of PRS for Music's collections. Should the collection society reach it's £1bn target, the £1m cut in donations in future years would represent a mere 0.1% of collections.

This is the time for continued investment in those who make up the future of our industry, it is not the time to unnecessarily increase the challenges that artists and songwriters face.

We call on PRS for Music to reconsider their decision.

Read more from the FAC's CEO, David Martin

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