07.04.2020
ITSRIGHT LAUCHES A COVID-19 CRISES FUND FOR PERFORMERS AND OTHER INITIATIVES FOR PERFORMERS AND PRODUCERS
With an
extraordinary resolution of the Board of Directors approved by the
Shareholders' Meeting, ITSRIGHT has decided to puts in place some initiatives
for artists and producers.
ITSRIGHT wants to express its closeness and support especially to the artists, who most of all have been penalized by the Covid-19 emergency that has hit our country.
Without losing time with bureaucracy and application procedures to access the funds, ITSRIGHT puts in place some initiatives, addressed and designed to facilitate all our artists who have had less results today in the distributions.
We have provided with immediate effect, also through a specific revision of our General Regulation, the following:
1. Extraordinary distribution of April 30, 2020 for the distribution, in addition to what has accrued on the ordinary allocations, by the month of May, of a lump sum as follows:
Beneficiaries
All Artists over the age of 18 and residing in Italy with the following requirements: a) who signed a Mandate with ITSRIGHT which is effective on April 3, 2020 and from which they did not withdraw before that date; b) that in the period of time from the signature of the Mandate and until 31 December 2019 have received from ITSRIGHT a total sum not exceeding € 10,000.00 (net of the provisions as per the Regulation, but gross of the fee due to ITSRIGHT).
Calculation of the lump sum:
1) for gross collections up to € 1,000 -> a lump sum equal to € 1,000.00
2) for gross collections from € 1,001 to € 5,000 -> a lump sum equal to € 600.00
3) for gross collections from € 5,001 to € 10,000 -> a lump sum equal to € 400.00
Total estimated lump sum = € 3.5 million deriving from 90% of the Private Copy right and 10% from the provisions.
As per the extraordinary distribution and the emergency period that affects everyone, the periodicity of the distributions of the remuneration will vary to a quarterly basis (April, August, December).
2. Reduction of the accrued minimum cashable (art. 11.1 / b of the Regulation) from € 150.00 to € 12.00 gross of the fee due to ITSRIGHT and consequent immediate release of the sums.
3. ITSRIGHT's Board of Directors decided to devolve its compensation accrued on the lump sums to the Sacco Public Hospital in Milan.
4. In favor of all artists and producers, ITSRIGHT is finalizing an agreement with a bank operating throughout Italy to offer artists and producers additional amounts and dedicated financial concessions. All the details of the initiative will be the subject of our next communication.
In addition to the above initiatives, ITSRIGHT promoted a further initiative for Italy in support of the artists, together with other important European collecting companies by launching a petition (http://chng.it/gpqw6FbGVR) to activate a European Solidarity Fund dedicated to artists; this petition is accompanied by a letter addressed to the President of the European Commission, Ursula von der Leyen, to ask for urgent measures in favor of the artists in this difficult moment. (news)
As always ITSRIGHT is by your side. Our offices are always at your disposal to provide you with all the necessary assistance:
- for general questions: Barbara Conti: barbara.conti@itsright.it tel. 02.66668900 or Jennie Nanè jennie.nane@itsright.it
- for administrative questions: Federica Di Giorgio: federica.digiorgio@itsright.it tel. 02.66668925
ITSRIGHT wants to express its closeness and support especially to the artists, who most of all have been penalized by the Covid-19 emergency that has hit our country.
Without losing time with bureaucracy and application procedures to access the funds, ITSRIGHT puts in place some initiatives, addressed and designed to facilitate all our artists who have had less results today in the distributions.
We have provided with immediate effect, also through a specific revision of our General Regulation, the following:
1. Extraordinary distribution of April 30, 2020 for the distribution, in addition to what has accrued on the ordinary allocations, by the month of May, of a lump sum as follows:
Beneficiaries
All Artists over the age of 18 and residing in Italy with the following requirements: a) who signed a Mandate with ITSRIGHT which is effective on April 3, 2020 and from which they did not withdraw before that date; b) that in the period of time from the signature of the Mandate and until 31 December 2019 have received from ITSRIGHT a total sum not exceeding € 10,000.00 (net of the provisions as per the Regulation, but gross of the fee due to ITSRIGHT).
Calculation of the lump sum:
1) for gross collections up to € 1,000 -> a lump sum equal to € 1,000.00
2) for gross collections from € 1,001 to € 5,000 -> a lump sum equal to € 600.00
3) for gross collections from € 5,001 to € 10,000 -> a lump sum equal to € 400.00
Total estimated lump sum = € 3.5 million deriving from 90% of the Private Copy right and 10% from the provisions.
As per the extraordinary distribution and the emergency period that affects everyone, the periodicity of the distributions of the remuneration will vary to a quarterly basis (April, August, December).
2. Reduction of the accrued minimum cashable (art. 11.1 / b of the Regulation) from € 150.00 to € 12.00 gross of the fee due to ITSRIGHT and consequent immediate release of the sums.
3. ITSRIGHT's Board of Directors decided to devolve its compensation accrued on the lump sums to the Sacco Public Hospital in Milan.
4. In favor of all artists and producers, ITSRIGHT is finalizing an agreement with a bank operating throughout Italy to offer artists and producers additional amounts and dedicated financial concessions. All the details of the initiative will be the subject of our next communication.
In addition to the above initiatives, ITSRIGHT promoted a further initiative for Italy in support of the artists, together with other important European collecting companies by launching a petition (http://chng.it/gpqw6FbGVR) to activate a European Solidarity Fund dedicated to artists; this petition is accompanied by a letter addressed to the President of the European Commission, Ursula von der Leyen, to ask for urgent measures in favor of the artists in this difficult moment. (news)
As always ITSRIGHT is by your side. Our offices are always at your disposal to provide you with all the necessary assistance:
- for general questions: Barbara Conti: barbara.conti@itsright.it tel. 02.66668900 or Jennie Nanè jennie.nane@itsright.it
- for administrative questions: Federica Di Giorgio: federica.digiorgio@itsright.it tel. 02.66668925
