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Music rights society loses on investmentsTuesday 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. © DutchNews.nl Get the DutchNews.nl newsletter in your mailbox: Click here to subscribe
at first i was like, noooo dont take away from art, BUT it seems i dont know enough to judge this, welldone Pinaki Ghutak for making me understand a little more By adhd | May 29, 2009 6:04 PM why is Buma/Stemra gambling with musicians money? By jg | May 31, 2009 9:21 PM Bodies such as Stemra pay out quarterly. Like any other body with money lying around, they try and maximise the return on that money. If you look the interest being paid on savings accounts, you will readily understand why fund managers look for more interesting options. It's worth remembering that even universities manage their assets the same way. I've no idea what they invested in and can't therefore comment either way on their choice, but the fundamental principle is not unusual. By Michael | June 3, 2009 9:06 AM Place your comments: |
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As a musician, I say this serves them right. Buma/Stemra has been a parasite, and nothing to the music industry. This is a company who is a selfish, looks only for their own, and is just an obstable for aspiring new musicians, who actually have telent. Artists who wants to make money (dont'we all), has better ways, to protect their rights, than go thorough these people. Is anybody listening?
By Pinaki Ghatak | May 26, 2009 1:12 PM