PRS for Music Reports Record $1.4 Billion in Collections for 2023, When Membership Grew ‘More Than in Any Previous Year’

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PRS for Music CEO Andrea Czapary Martin, whose society has reported close to $1.4 billion in 2023 collections. Photo Credit: PRS

PRS for Music has officially announced almost $1.4 billion in collections (up 12% from 2022) for 2023, when distributions exceeded a record $1.2 billion.

London’s PRS for Music shed light on its 2023 showing today, less than one week after ICE (which it co-founded) touted a $1.09 billion/€1 billion annual distributions milestone. Running with the newer data, PRS for Music identified $1.21 billion (£943.6 million) in songwriter, composer, and publisher payouts for 2023 – an increase of 12.8% and $137.20 million/£107.4 million from 2022.

And as mentioned, collections also improved in 2023, albeit by roughly 12% year over year (YoY) to $1.38 billion/£1.08 billion. Expanding on the point, PRS for Music took the opportunity to emphasize that collections have more than doubled, with a 121% annual payout increase of $661.69 million (£518 million), across the past decade.

Digging into interesting takeaways concerning the 2023 totals, PRS acknowledged an 8.5% YoY bump in online collections (encompassing streaming, video games, and video on demand) at $468.35 million (£366.5 million) – and a 23.2% YoY hike in payouts at $460.46 million (£360.3 million). Top-performing streaming tracks from member writers included Raye’s “Escapism” and Rema’s “Calm Down,” PRS relayed.

Next, collections from international usages spiked 25.9% YoY to $433.56 million (£339.3 million), with payouts rising 19.35% to $362.13 million (£283.4 million) between 2022 and 2023, the Nexus program creator communicated. Europe remained the largest contributor to that category ($231.32 million/£181 million in collections, up 23% YoY), though royalties from North America rose 25% YoY to $134.13 million (£105 million).

Rounding out PRS’ 2023 financials, the use of music in public establishments fueled collections of $321.60 million/£251.7 million (up 10% YoY) as payouts experienced a comparatively modest 2% YoY uptick to $240.50 million/£188.2 million.

Lastly, the Audoo- and Orfium-partnered entity, having recorded its single-largest royalty payment ever in Q4 2023, disclosed a cost-to-income ratio of 9.2% for 2023, down slightly from 2022’s 9.3%. All told, the over century-old society said it represented 41 million works (up 12.6% YoY) in 2023, as its membership grew by a record 10,000 on the year.

Addressing the results, CEO Andrea Czapary Martin celebrated PRS’ “remarkable performance in 2023” and zeroed in on her vision for the above-noted Nexus program, which aims to improve metadata and matching.

“With our focus on innovation and strategic partnerships, including the recent pioneering Project Nexus,” the PRS for Music head said in part, “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.”