PRS for Music has reported a 3.2 percent rise in the collection of royalties, from £611.2m in 2010 to £630.8m in 2011.
The continued strength of UK music overseas and growth in new licensed digital services led to an additional £19.6m in revenues, bringing a bumper £557.2m royalty payout for members.
Royalties from licensed digital music services such as iTunes, Spotify, We7 and 7Digital now account for six percent of total PRS for Music income, growing 45.3 percent in 2011 to £38.5m.
Meanwhile, international income is now one of the largest revenue streams for UK music creators, highlighting both the popularity of UK music around the world and better coordination and cooperation with collecting societies in other countries, PRS for Music said.
The success of songwriters such as Adele and Taio Cruz led to a 16.6 percent boost in royalties collected from the US, Canada and South America alone. Overall, international royalties increased by 10.6 percent to £187.7m, and now make up more than 30 percent of the society’s revenues.
Live music royalty collections grew 8.2 percent to £22.5m, on the popularity of the UK festival market and stadium tours by acts including Take That. But the organisation reported a drop in royalties for music products including CDs and DVDs to £101.6m, down 13.3 percent on 2010's £117.2m, due to the market shift away from physical formats towards digital distribution.
Robert Ashcroft, Chief Executive at PRS for Music, said: 'The continuing popularity of our music in other countries demonstrates the global success of the UK music industry. Our efforts to support copyright at home and abroad, combined with the energy we continue to put into the licensing of new digital services enabled us to pay additional royalties to our members last year.
'The licensed digital market is now delivering a significant income stream for our members. This goes some way to replacing revenues lost from the declining CD market although online piracy continues to be a problem. The way we consume music is changing, but PRS for Music is adapting to ensure those that create it can continue to earn a living.'
Costs rose £10.2m in 2011 as a result of investment in future revenue growth and cost reduction initiatives. The cost increase also reflects a one off charge for historic pension related issues that is not expected to reoccur.
The continued strength of UK music overseas and growth in new licensed digital services led to an additional £19.6m in revenues, bringing a bumper £557.2m royalty payout for members.
Royalties from licensed digital music services such as iTunes, Spotify, We7 and 7Digital now account for six percent of total PRS for Music income, growing 45.3 percent in 2011 to £38.5m.
Meanwhile, international income is now one of the largest revenue streams for UK music creators, highlighting both the popularity of UK music around the world and better coordination and cooperation with collecting societies in other countries, PRS for Music said.
The success of songwriters such as Adele and Taio Cruz led to a 16.6 percent boost in royalties collected from the US, Canada and South America alone. Overall, international royalties increased by 10.6 percent to £187.7m, and now make up more than 30 percent of the society’s revenues.
Live music royalty collections grew 8.2 percent to £22.5m, on the popularity of the UK festival market and stadium tours by acts including Take That. But the organisation reported a drop in royalties for music products including CDs and DVDs to £101.6m, down 13.3 percent on 2010's £117.2m, due to the market shift away from physical formats towards digital distribution.
Robert Ashcroft, Chief Executive at PRS for Music, said: 'The continuing popularity of our music in other countries demonstrates the global success of the UK music industry. Our efforts to support copyright at home and abroad, combined with the energy we continue to put into the licensing of new digital services enabled us to pay additional royalties to our members last year.
'The licensed digital market is now delivering a significant income stream for our members. This goes some way to replacing revenues lost from the declining CD market although online piracy continues to be a problem. The way we consume music is changing, but PRS for Music is adapting to ensure those that create it can continue to earn a living.'
Costs rose £10.2m in 2011 as a result of investment in future revenue growth and cost reduction initiatives. The cost increase also reflects a one off charge for historic pension related issues that is not expected to reoccur.
