PRS for Music and BMI (Broadcast Music, Inc.) today announced the signing of a new international reciprocal agreement, which will benefit the songwriters, composers and music publishers that both societies represent.

Both PRS and BMI have always championed for the rights of their music creators and protected the value of their copyrights. This agreement preserves that shared mission by memorializing those innovative practices and procedures to maintain the highest degree of transparency and accountability in each society. It also tackles key industry issues such as limitations on administration fees and consolidates arrangements related to digital rights flow, among other.

"Our new agreement with BMI is a huge step towards making our relationship a true business-to-business partnership," noted Andrea C. Martin, CEO, PRS for Music.

"While with BMI we have consistently updated our business practices with the average term of PRS's other reciprocal agreements being 35 years, it is a high priority for PRS to modernise this aspect of our business and uphold a commercial foundation for our international society relationships."

"BMI and PRS have a shared commitment of delivering the highest standards of transparency and service to our affiliated songwriters, composers and music publishers," stated Mike O'Neill, President and CEO, BMI.

"This partnership with PRS embraces that commitment and will continue to benefit music creators from both of our territories."