How to forecast music use during a pandemic
Updated: Oct 1, 2020
So you're reopening, or will be in the coming weeks/months. What's the best way to declare what is essentially unknown and unchartered music use for the coming year? How do you keep maximum funds within your business while remaining compliant?
There are a number or factors, usually determined by what type of business and therefore what tariff you're on, that determine how you'll calculate your predicted music use for the coming 12 months.
This is always the case, but now more than ever it's critical you consider how your business will be different when it comes how music plays its part. I'm sure you'll be doing this across the board and there will undoubtedly be bigger issues to consider so we've put together some tools to help make it easier. In fact, we'll do the whole thing for you if you like?
The most valuable thing we have is knowledge. Knowledge of what is happening with other clients across all sectors, how much are people reducing events by, what effect is social distancing having on capacity or covers? We handle music and TV licence returns for thousands of premises across the UK and have unique insight into what businesses, large and small, are doing to adjust to the 'new normal'.
Once you have an idea or what adjustments you'd like to make it would be advantageous to know how that's going to affect licence fees before making a declaration. We've already developed a number of calculation tools for clients to plug in adjustments and see what happens to this years cost.
Ultimately, you are making an estimate so providing there's a methodology the licensing bodies must accept that declaration. Next year actual information will be available and credits/debits applied as necessary.
Once you have a declaration you're happy with we can help get extended payment terms through the course of the licensing period too.