Finance

A theatre in Plymouth says a year of allowing audiences to decide how much they pay for performances has made its productions more accessible.

Barbican Theatre's Pay What You Decide (PWYD) scheme offers audiences the opportunity to pay whatever they feel an event is worth, even if that is nothing, and was implemented across 52 shows in the 2021/22 financial year.

According to the theatre’s Impact Report, 3,103 PWYD tickets were issued during 2021/22, generating an income of £17,224, resulting in an average yield of £9.

The theatre says 61% of its new audience was made up of under 35s non-arts attendees, with more than 25% of customers stating that the scheme was the reason they booked.

Marketing & Communications Manager Jo Cann said feedback from audiences had been “incredible,” with the scheme “making a huge difference to who can attend and benefit from the experience of culture and live events”.

“We have spent a great deal of time making sure the language used to communicate how Pay What You Decide works is both accessible and transparent and it’s genuinely so great to see how this has really worked for us and our audiences.” 

UK record labels invested £495m supporting artists’ careers and development in 2021 through A&R, marketing and promotion – more than double their investment in 2016.

Figures published by the British Phonographic Industry (BPI), the representative voice for independent and major record labels across the UK shows labels’ investment last year included a record £358m spend on A&R and another £137m. The investment represents 39.2% of total UK label revenue.

The A&R spend, which includes artist advances, creating new recordings, video costs and tour support, was 107% more in 2021 than the amount invested in 2016 of £173.3m. 

Over the same five-year period to 2021, UK labels’ total revenue income increased by 42.9%, driven largely by a 51.3% surge in streaming revenue. 

Geoff Taylor, Chief Executive BPI, BRIT Awards & Mercury Prize, said: “The UK has been one of the world’s music superpowers since the advent of pop culture, thanks to the combination of our many incredible artists drawn from all regions and nations, and the passion, financial backing and expertise of our record labels. 

"During a time when music has returned to growth after years of decline, labels have continued to prioritise investment in artists. 

"It is fuelling success for a new generation of UK artists who are embracing the opportunities of this truly connected world, underpinning our leading position on the global music stage.”

The Business Banking Resolution Service (BBRS) has announced that cultural and creative sector businesses in the UK have six months to register unresolved historical banking complaints.

Eligible businesses with long-standing banking complaints must register cases with the BBRS before 14 February next year under a historical scheme that covers disputes first registered between 1 December 2001 and 31 March 2019.

Businesses qualify for the scheme if they had an annual turnover of between £1m and £6.5m at the time of their complaint and the case has not been settled, been subject to an independent review or gone to court. Businesses that have closed, merged or been sold are also eligible.

Recent cases can be assessed through the BBRS’s current scheme, open to businesses with an annual turnover up to £10m and total assets up to £7.5m with disputes ineligible for settlement by the Financial Ombudsman Service. 

“We want as many businesses as possible to have the opportunity to use the BBRS’ service,” said Dirk Paterson, Customer Director at the BBRS. 

“This includes businesses, trusts, charities, friendly societies and co-operative societies. It includes directors of businesses no longer operating. We urge them to see if they qualify for our help and, if so, to register.” 

 Liz Barclay, Small Business Commissioner, said that many small businesses are struggling and that rising costs may threaten their survival. 

“At no point has it ever been more important for a business owner to proactively challenge financial issues, whether that’s related to late supplier payments or tackling banking disputes,” she said. 

“I am pleading with all businesses to grasp this opportunity to have their banking complaints, many of which are long-standing, resolved.”
 

Universal Music Group’s (UMG) financial results for the first half of the year show a 16.9% growth in total revenue.

The major record label reported revenue of €4.7 billion up to June 30, the largest of any music rights company in the world.

The result was driven by growth across all segments, including recorded music revenue, subscription revenue, ad-supported revenue, and physical revenue.

UMG Chairman and CEO Sir Lucian Grainge said the strong performance is “fuelled by the successful partnerships we’ve formed with our artists - both new and established - in markets around the world.”

“The widespread growth we are producing throughout UMG demonstrates that our strategy is progressing as planned, underscoring the strength and resilience of our business and our ability to deliver for our artists and our shareholders alike,” he added.