Financial results
Songwriters and composers receive royalty payouts of £943.6 million in 2023
Total royalty distributions increased by £107.4 million (12.8%), on the previous year and are up over £266 million since 2021.
PRS for Music has grown royalty distributions to the songwriting community by more than half a billion pounds in the last ten years (121% or £518.3 million).
Revenue collections increased twofold (111.2%) in the last ten years, outpacing just 91% growth of the global recorded music economy, as reported by IFPI.
The PRS membership grew by 10,000 in the last 12 months, more than in any previous year. The society welcomed a significant number of new members from the continents of Africa and Asia, including: 2Baba, Akhil Sachdeva, Crayon, Gyakie, Himmat Sandhu, Ruger, Sanjith Hegde and Young Jonn.
Royalties from music used online (music streaming, video-on-demand and video games) saw the highest year-on-year percentage growth (23.2% or £67.9 million) and highest distribution at £360.3 million.
