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PRS CELEBRATES RECORD REVENUES
5/14/20

British PRO PRS for Music collected a record £810.8m on behalf of its members in 2019, a year-on-year increase of 8.7% (£65m). Royalties generated from online platforms saw the most significant uplift at 24.2% (£34.9m) to £179.1m.

PRS, which represents the rights of more than 145,000 songwriters, composers and music publishers in the U.K. and worldwide, said its net costs for collecting royalties reduced 6.7% year-on-year to £87.5m. After charitable donations of £3.2m, distributable revenue to members was £721.1m. During the 12 months to December 2019, a record £686m was processed and paid out—an increase of 13.7% on 2018.

PRS for Music CEO Andrea C. Martin celebrated the results as “testament to the creative talent” of its members, but warned that 2020’s figures may not be so sunny.

“While our 2019 financial results are record-breaking, we are all too aware that due to the coronavirus pandemic, the music industry and its community faces unprecedented times ahead,” she said. “With TV and film productions on hold, closure of businesses, public premises, and the cancellation of festivals, concerts and other live music events, we will inevitably see a decline in future royalties in 2020 and into 2021.”

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