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PRS for Music sets new benchmark: Songwriters and composers receive unprecedented royalty payouts of £943.6 million - a 13% increase on last year

28 May 2024 - Press release

 
In 2023, PRS for Music paid out a record £943.6 million of royalties for songwriters, composers and music publishers. Total royalty distributions increased by £107.4 million (12.8%), on the previous year and are up over £266 million since 2021.
 
In a landmark year, PRS for Music became a billon pound society, collecting a massive £1.08 billion in revenues, a more than a 12% (£120.9 million) increase on 2022.
 
Over the last decade, PRS for Music has more than doubled its collections, with revenues up £571.4 million (111%) since 2014. An achievement only surpassed by the increase in royalties paid out, 121% (£518 million), over the same period.
 
For the second consecutive year, the society reported a cost-to-income ratio well below 10%. In 2023, PRS for Music's cost-to-income ratio fell to a new low of just 9.2%, down from 9.3% the previous year. This important measure of a society's efficiency shows PRS for Music's targeted investments in people, technologies and services, are delivering significant returns on investment for members.
 
Andrea Czapary Martin, CEO, PRS for Music: "Our remarkable performance in 2023 is a testament to the team's hard work behind the scenes of the music industry. We're not just surpassing financial milestones at the lowest cost-to-income ratio amongst our peers; we're orchestrating a significant shift in the music business. My vision to ascend to a billion-pound society in royalties paid out isn't just a goal—it reflects our commitment to music creators worldwide.
 
With our focus on innovation and strategic partnerships, including the recent pioneering Project Nexus, we're shaping the future of our business and redefining how rights are managed globally. For 110 years we have existed to ensure that every music creator receives fair compensation for their artistry, wherever and whenever their music is played."
 
In 2023, PRS for Music represented the rights of 41 million compositions and songs from around the world, an increase of 12.6% (4.5 million) compared to 2022.
 
The PRS membership also grew by 10,000 in the last 12 months, more than in any previous year. The society welcomed a significant number of new members from the continents of Africa and Asia, including: 2Baba, Akhil Sachdeva, Crayon, Gyakie, Himmat Sandhu, Ruger, Sanjith Hegde and Young Jonn.
 
By migrating its distribution systems to the Oracle Cloud, the first society to do so, the society was able to pay over 6,000 songwriters and composers their very first royalty payments in 2023.   
 
Royalties:
 
Online
 
Collected   £366.5m     up 8.5% (£28.7m)   from £334m in 2022  
Paid Out    £360.3m     up 23.2% (£67.9m) from £292.4m in 2022
  • Royalties from music used online (music streaming, video-on-demand and video games) saw the highest year-on-year percentage growth (23.2% or £67.9 million) and highest distribution at £360.3 million.
  • Escapism by RAYE ft. 070 Shake, Calm Down by Rema, and Boy's a Liar by PinkPantheress, were just some of the most streamed tracks of the year featuring PRS writers.
  • New seasons of acclaimed dramas The Bear, The Crown, Succession and Top Boy were released last year, all of which featured music by PRS composers and songwriters.
  • OSCAR-winning Barbie was one of the most streamed pay-to-watch movies at home in the UK, featuring chart-topping Dance the Night by Dua Lipa, while Saltburn caused chart disruption with its now (in)famous sync of Sophie Ellis-Bextor's Murder on the Dancefloor.
 
International
 
Collected   £339.3m  up 25.9% (£69.9m)    from £272.4m in 2022
Paid Out    £283.4m   up 19.35% (£45.8m)  from £237.6m in 2022
  • Music by PRS writers played and performed overseas generated an additional £69.9 million last year, and distributions from the use of members' works used overseas grew by 19.35% (£45.8 million) to £283.4 million last year.
  • Europe remained the most important market for members' music, with collections exceeding £181 million, up £34 million (23%). Total royalties from North America, increased by 25% (£21.1 million) to over £105 million in 2023, predominately driven by increased online and radio income. 
  • World tours from PRS members last year, including Harry Styles, Sam Smith and Shania Twain, contributed to an overall 93% increase in international live income.
  • International royalties collected through the Major Live Concert Service (MLCS) increased from £6.2 million to over £19 million, an uplift of 210% in 2023. 
 
Public Performance
 
Collected   £251.7m   up 10% (£22.8m)       from £228.9m in 2022
Paid Out    £188.2m   up 2.0% (£3.7m)        from £184.5m in 2022
  • Royalties paid out from public performance, including live music, were £3.7 million higher in 2023 (2.0%), reflecting continued buoyancy of stadium and arena live events.
  • Arctic Monkeys, Burna Boy, and Busted, were among those who led the charge for live music tours in the UK last year. Noteworthy one-off special UK events such as Eurovision being hosted in Liverpool and Download Festival extending its lineup for its 20th anniversary, contributed to this result.
  • Revenues from the retail sector was £1.8m higher than in 2022, benefitting from increased use of PRS' repertoire in shops and bars.

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