Music licensing body PRS for Music said it collected £964 million last year, representing record trading figures as it bounced back from Covid-19.
The UK organisation – which represents the rights of more than 165,000 songwriters, composers, and music publishers around the world – said the figure was up almost 23 per cent (or £179.4 million) on the amount redistributed a year earlier, when the world was still affected by lockdowns.
A spokeswoman said: “These landmark results indicate not only a dramatic recovery following the global pandemic, but an increase of £154 million (18.9 per cent) on the previous high of £810 million achieved in 2019.”
Of last year’s £964 million, it paid out £836 million to artists –up 23.5 per cent compared to 2021. It said the results were delivered at a “historically” low cost-to-income ratio of 9.3 per cent (not including charitable donations and subsidies).
Revenues were supported by PPL PRS, the Leicester-based joint licensing revenue collection venture established by PRS for Music and PPL a few years ago.
PRS members scored music for many of the year’s blockbusters, including Grammy Award winning composer Lorne Balfe, who wrote the music for Top Gun: Maverick, and U2, who performed on the soundtrack for Sing 2. PRS for Music also concluded new agreements with Apple TV+ and Amazon for its Freevee service.
PRS for Music chief executive Andrea Czapary Martin said: “In 2021, PRS for Music set out its vision to pay out over £1 billion in royalties within the next five years, last year we accelerated progress towards, and beyond, this milestone.
“Through our ambitious licensing strategy and utilising our joint ventures we have maximised the value of members’ works at every opportunity.
“While our investment in new technologies and services means we can pay out royalties more quickly and accurately, delivering the best possible service to members at a market leading low cost-to-income ratio.”
