£6m more to be paid out to music creators every year

We've announced an admin rate reduction to 8% for online royalties.

Songwriters and composers are set to receive an additional £6m in royalties from music streaming services each year.

Celebrating her fifth year as PRS for Music CEO, Andrea Czapary Martin announced a landmark reduction in the admin rate applied to royalty collections from Multi-Territory Online Licensing (MTOL) at our Annual General Meeting (AGM) on 4 June.

This admin rate reduction is a result of PRS surpassing targets in 2023, when we delivered historic distributions and revenues to become a billion-pound society, paying out a record-breaking £943.6m in royalties, an increase of nearly 13% on 2022.

The reduction should see nearly £700k more paid out to members in October 2024, reaching a total of £47m additional royalties paid out by 2030.

We’ll also begin a comprehensive review of our admin rates across all revenue streams, with a view to reducing and simplifying them across the board.

This comes as part of our continued focus on innovation, technology, transparency and efficiency, which has delivered consistent year-on-year growth while maintaining a cost-to-income ratio below 10% for a second year running.

Commenting on recent PRS successes, Andrea Czapary Martin said: ‘I believe that the success of the society should be defined by the success we pass on to songwriters and composers.

‘I am delighted to announce that the reduction in multi-territory online licensing admin fees, is a real tangible example of how we are constantly working on behalf of members to be competitive and to get more money to them, more quickly.’