Musicians should be smiling all the way to the bank this festive season because the South African Music Rights Organisation has posted a good profit.
For the financial year ending June 30 2008, the Samro group posted record gross revenue in excess of R350million.
As a result, Samro will be distributing the handsome amount of R250million among its members this year.
"This year will see our highest distribution ever, and signifies a milestone for Samro," said general manager, finance and administration, Bronwen Harty.
"Samro has consistently increased its revenue over the years and continues to do so. It's been a very good year for Samro, though it was a difficult year for business in general."
Board of directors chairman Annette Emdon cautioned that while Samro's performance was commendable, management and the board were mindful of the fact that the coming year might not be as good, given the global economic crisis and depressed consumer spending.
As representative of music performing rights in Southern Africa, Samro collects licence fees from users of music such as broadcasters, restaurants, live music venues and shopping malls, and distributes royalties to composers, authors and music publishers who are members.
It also distributes to international composers and authors whose music has been played in South Africa.