Expansion in the online market, especially streaming services, netted £51.7m in music royalties for the society’s 95,000 members. This is the highest figure to date and up 32.2 percent on 2011’s £38.5m.
The society said that over the last five years average annual growth for online revenue has been 27 percent. New licensing deals with Google Play, Vevo and Microsoft Xbox, together with the renewal of existing licensing agreements, means UK creators now receive eight percent of their PRS for Music royalty income from online music services.
Meanwhile, licensing income from broadcasters rose by 3.1 percent to £153m in 2012, representing almost 24 percent of overall income for music creators.
International revenues suffered a decline of 4.1 percent to significant exchange rate losses - specifically against the Euro - plus a challenging economic climate in many countries. However, international royalty revenue still provided PRS for Music members with their single largest source of income at £180.1m.
The society also reported that royalties collected from live music fell by 14.2 percent to £19.3m, as fewer live events occurred last year.
Robert Ashcroft, PRS for Music Chief Executive, said: ‘Copyright remains fundamental to the continued success of our members both at home and abroad, while the ever-increasing importance of licensed online services such as iTunes and Spotify underlines the value of music to the internet economy.’
The society said that over the last five years average annual growth for online revenue has been 27 percent. New licensing deals with Google Play, Vevo and Microsoft Xbox, together with the renewal of existing licensing agreements, means UK creators now receive eight percent of their PRS for Music royalty income from online music services.
Meanwhile, licensing income from broadcasters rose by 3.1 percent to £153m in 2012, representing almost 24 percent of overall income for music creators.
International revenues suffered a decline of 4.1 percent to significant exchange rate losses - specifically against the Euro - plus a challenging economic climate in many countries. However, international royalty revenue still provided PRS for Music members with their single largest source of income at £180.1m.
The society also reported that royalties collected from live music fell by 14.2 percent to £19.3m, as fewer live events occurred last year.
Robert Ashcroft, PRS for Music Chief Executive, said: ‘Copyright remains fundamental to the continued success of our members both at home and abroad, while the ever-increasing importance of licensed online services such as iTunes and Spotify underlines the value of music to the internet economy.’
