Music rights society loses on investments
Tuesday 26 May 2009
Music rights society Buma/Stemra has cut payouts to artists this year because of losses on its investments, the Financieele Dagblad reports.
The paper says 10.4% of this year's total payout of €140m has been withheld to cover costs and investment losses. Last year just 1.2% of the total was withheld.
Director Cees Vervoord told the paper the 10% fee was 'borderline acceptable'. The organisation was now back on track and has reduced the proportion of its assets invested in shares from 30% to 20%, he said.