PRS SCORES A RECORD YEAR

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PRS SCORES A RECORD YEAR

4/25/23

U.K. PRO PRS for Music collected a record £964m in 2022, a year-on-year increase of 22.9%. The figure is also up 18.9% on the previous high achieved pre-pandemic.

Last year, PRS paid out £836.2m royalties to its 165k writers, composers and music publishers globally. The distribution is up 23.5% over 2021’s £159m.

Music streaming counted for 85% of overall online royalties at £284.3m, rising 25% year-on-year. Royalties from music downloads fell 75% to £600k.

Live music counted for £62.7m of royalties, up 683% on 2021 when the live business was struck down by COVID-19. It’s a rise of 16% from 2019.

Overall revenues from public performance represented the largest year-on-year increase in 2022, up 66.4% to £228.9m.

The results are a result of “ambitious licensing strategy and utilizing our joint ventures,” PRS for Music CEO Andrea Czapary Martin said. “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.”