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REVENUE CHART:
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Blighty Beat
PRS COLLECTIONS DOWN IN 2020
4/26/21

U.K. PRO PRS for Music collected £654.3m for its members in 2020, down 19.4% or £157.5m year-on-year. The decline is thanks in part to a 61.2% dip in public performance royalties due to the lack of live music during the pandemic.

Distributions (the majority of which were made up of income collected before the first lockdown, stretching back into 2019) reached £699.4m, a 2% rise on 2019. Net distributable revenue was £575.3m, down 20.2% YoY, and the org's cost to income ratio rose by just under 1% to 12.1%. 

Public performance income made up just 13.3% of collected royalty revenue last year after declining to £86.2m from £222.2m—in 2019, that revenue stream counted for 34% of collections. International revenue also declined by 10.8% to £248.6m and broadcast royalties dipped 2.6% to £127.4m. Online rose 5.1% to £188.3m. Further adverse impact on collections is expected through 2021. 

Andrea Czapary Martin, CEO of PRS for Music, said: “The increase [in distributions] driven by growth in online revenues, cannot alone negate the immense loss of income and harm on the whole music industry, and the livelihoods of those within it, in 2020. This year will be similarly challenging, as the dramatic fall in revenues during the last year will be reflected in declining distributions throughout 2021.” 

Martin added that the reopening of the live sector must be a priority going forward, “while the repercussions of Brexit will become clearer through new limitations on touring outside of the U.K.”