Artists and producers have received over BGN 5.5 million from PROFON –

Rewards for two calendar years were processed within one, which is a precedent in the organization’s activity

This year, PROFON distributed over BGN 5.5 million to artists and music producers for the business use of their repertoire. On December 23, the calculation of the individual remunerations for 2008, which amounted to over BGN 3 million, was completed. In April, the payment of another BGN 2.5 million was announced. In this way, PROFON became the only music society in Europe that distribution for two years, within one. As a result, the music industry in our country received over 5.5 million euros from related rights in 2010.

In this way, a clear trend of increasing revenues from related rights in Bulgaria is taking shape. In 2008, these revenues were 20% more than the previous year, which for the music industry means half a million BGN more. PROFON generates revenue for rights holders by licensing the broadcast of a vast music catalog on the radio and TV airwaves, on the Internet, during public performance in commercial establishments, hotels, restaurants, pubs and cable retransmission.

The expenses for the administrative work of PROFON in 2008 are equal to 16.7% of the revenues realized for the same period, and only 3.36% are at the expense of the rights holders. From January 3, PROFON also started the distribution of remunerations for artists for 2009, which is expected to be completed by August 2011.

One of PROFON’s strategic goals for 2011 is the growth of the independent catalog. The organization now represents thousands of new (independent) labels from around the world. It will also be extremely useful for businesses that use music, as they will have more choice in offering a wider variety of music to their customers.