PRS for Music reports a record quarterly royalty distribution — the largest single royalty payment in the organization’s 109-year history — with live music touring and revenues from international markets among the key contributors.
UK-based royalty collection and distribution pillar PRS for Music announces a record quarterly royalty distribution of $288.7 million (£239 million), a 13% increase compared to last October. The largest single royalty payment in PRS for Music’s 109-year history, over 4,000 members received their first royalty payments this month.
PRS for Music’s Major Live Concert Service (MLCS) contributed significantly to the record-setting payout. In 2023, artists including WizKid, The Who, Shania Twain, Pulp, Ed Sheeran, Rag N’ Bone Man, Diljit Dosanjh, Bastille, and many others filled concert halls, arenas, and other venues throughout the UK. MLCS sped up live tour royalty payments and helped navigate taxes for those and other PRS members touring at venues with over 5,000 capacity worldwide.
In 2020, CEO Andrea Czapary Martin pledged to distribute £1 billion in royalties annually by 2026, while reducing PRS’ cost-to-income ratio. This month’s landmark distribution shows PRS is well on its way to achieving that goal, with its cost-to-income ratio falling to 9.3%, three years ahead of schedule. In 2022, PRS for Music collected £964 million and paid out £836.2 million in royalties — over $1 billion in royalties, and a 23.5% increase from 2021. The return of live music has massively contributed to these royalty payment increases.
A world-leading music collective management organization, PRS for Music represents the rights of over 165,000 songwriters, composers, and music publishers worldwide. From its headquarters in the UK, PRS works closely on behalf of its members to grow and protect the value of their rights. Its focus on innovation and integrity aim to redefine the global standard for music royalties to ensure that creators are paid for their works whenever their compositions and songs are streamed, downloaded, broadcast, performed, and played in public.