The move will help accelerate royalty payments to PRS's 165,000-strong membership collective.
The PRS for Music CEO was honoured at the London awards ceremony today (10 November).
Next year's awards ceremony will take place on 4 February in LA.
11 UK-based artists will receive financial support from this latest round of funding.
The funding will help UK artists and SMEs to continue growing British music in international markets.
The huge figure was aided by the return of international touring and the continued growth in recording and music publishing.
The findings have been published in CISAC's Global Collections Report 2023.
34 composers have been nominated for an Ivor Novello Award as part of this year's ceremony.
The accolade was presented to the duo during last night's ceremony at the Wales Millennium Centre.
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