Licence revenue at Imro “hit an all-time high of €52.96m” in 2024, boosted by a 30pc surge in licensed revenues from the buoyant concert sector.
Revenues in 2024 are a 16pc, or €7.15m, increase on revenues of €45.8m in 2023.
In her accompanying statement, Imro chairperson Eleanor McEvoy said it had produced “another set of excellent results”.
“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,” Ms McEvoy said.
In their report, the directors say that “all revenue categories showed increases in 2024”.
“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 30pc on the highs of the prior year,” they said.
Imro chief executive Victor Finn said “distributions to our members amounted to €46m”, marking a 22pc 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,” Mr Finn said.
“In 2024, Imro welcomed 4,323 new members, a 63pc increase compared to new member admissions in 2023 of 2,663, bringing total membership numbers to 26,500 across 180 countries worldwide.
“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 said.
During 2024, total royalties paid by Imro to directors and to parties related to the directors of Imro amounted to €4.42m.
Last year, Imro recorded an operating surplus before tax of €221,014.
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.
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