PRS SCORES A RECORD YEAR

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

Last year PRS paid out £836.2m in royalties to its 165k writers, composers and music publishers. The distribution is up 23.5% (£159m) from 2021.

Music streaming, at £284.3m, accounted for 85% of overall online royalties, rising 25% YOY. Royalties from downloads, however, fell 75%, to £600k.

Live music was responsible for £62.7m in royalties, up 683% compared to 2021, when the live business was still sick with COVID-19. It’s a rise of 16% from pre-pandemic 2019.

Revenue from public performance represented the biggest YOY increase in 2022, up 66.4% to £228.9m.

PRS for Music CEO Andrea Czapary Martin said that the numbers are a result of “ambitious licensing strategy and utilizing our joint ventures," noting, “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.”

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