The Performing Right Society (PRS) has announced its 2015 financial results, revealing a record high royalty income of £537.4m.
This represents an increase of seven percent on 2014, when measured on a constant currency basis, with year-on-year growth across all revenue streams.
The organisation said that, unlike previous years, the figure doesn’t include the Mechanical-Copyright Protection Society Limited (MCPS) financial figures.
The uplift, which equates to an 8.4 percent increase in distributions to members, was driven by continued growth in the online market, the success of PRS members’ repertoire overseas and efficiency improvements.
Online revenues increased 12.8 percent to reach £42.4m while international revenues totalled £195.6m, an increase of 10.4 percent on a constant currency basis.
Broadcast revenues rose by 4.1 percent to £124.2m, in part due to growth in advertising on commercial radio stations, while public performance royalties grew to £175.2m, an increase of 4.1% on 2014.
Robert Ashcroft, PRS chief executive, said: ‘Our numbers for 2015 reinforce PRS’ position as a global leader in collective rights management and our commitment to delivering increasing value to our members.
‘Our revenue growth is fuelled by the strength of the repertoire we represent and the dedication of our people who are critical to our success. As we modernise our operations, our performance will continue to showcase PRS as one of the most efficient collective rights management societies in the world.’
He added: ‘We have had to invest to secure this impressive revenue growth and to position PRS to respond to an increasingly competitive marketplace. With a major joint venture with PPL, the commencement of a new digital transformation programme and some exceptional litigation costs in support of landmark licensing deals, PRS is making positive steps to deliver real value to its members.
‘These initiatives resulted in a relatively modest increase in underlying cost, mostly due to an increase in depreciation charges, but this was significantly outweighed by real, underlying growth in revenues and we are proud of our 2015 results in every way.’
The 2015 PRS financial results will be presented at the Annual General Meeting at the British Library Conference Centre on 26 May 2016.
For the full results, see http://www.prsformusic.com/SiteCollectionDocuments/About%20MCPS-PRS/financial-results/financial-results-briefing-paper-2015.pdf
This represents an increase of seven percent on 2014, when measured on a constant currency basis, with year-on-year growth across all revenue streams.
The organisation said that, unlike previous years, the figure doesn’t include the Mechanical-Copyright Protection Society Limited (MCPS) financial figures.
The uplift, which equates to an 8.4 percent increase in distributions to members, was driven by continued growth in the online market, the success of PRS members’ repertoire overseas and efficiency improvements.
Online revenues increased 12.8 percent to reach £42.4m while international revenues totalled £195.6m, an increase of 10.4 percent on a constant currency basis.
Broadcast revenues rose by 4.1 percent to £124.2m, in part due to growth in advertising on commercial radio stations, while public performance royalties grew to £175.2m, an increase of 4.1% on 2014.
Robert Ashcroft, PRS chief executive, said: ‘Our numbers for 2015 reinforce PRS’ position as a global leader in collective rights management and our commitment to delivering increasing value to our members.
‘Our revenue growth is fuelled by the strength of the repertoire we represent and the dedication of our people who are critical to our success. As we modernise our operations, our performance will continue to showcase PRS as one of the most efficient collective rights management societies in the world.’
He added: ‘We have had to invest to secure this impressive revenue growth and to position PRS to respond to an increasingly competitive marketplace. With a major joint venture with PPL, the commencement of a new digital transformation programme and some exceptional litigation costs in support of landmark licensing deals, PRS is making positive steps to deliver real value to its members.
‘These initiatives resulted in a relatively modest increase in underlying cost, mostly due to an increase in depreciation charges, but this was significantly outweighed by real, underlying growth in revenues and we are proud of our 2015 results in every way.’
The 2015 PRS financial results will be presented at the Annual General Meeting at the British Library Conference Centre on 26 May 2016.
For the full results, see http://www.prsformusic.com/SiteCollectionDocuments/About%20MCPS-PRS/financial-results/financial-results-briefing-paper-2015.pdf
