Record payout for PRS rightsholders
Key contributors include live music touring and revenues from markets outside of the UK.
PRS for Music has announced a record quarterly royalty distribution of £239m, the equivalent of $288.7m USD, a 13% increase compared to last year’s October distribution. It is the largest single royalty payment in its 109-year history and over 4000 members received their first royalty payments this month.
PRS for Music’s bespoke Major Live Concert Service™(MLCS™) contributed significantly to the record payout. In 2023, MLCS™ tours by WizKid, Shania Twain, Ed Sheeran, Diljit Dosanjh, among others, filled arenas and concert halls and the UK enjoyed a summer packed full of live music and concerts by The Who, Bastille, Rag ‘N’ Bone Man and Pulp earning notable revenues. MLCS™ accelerates live tour royalty payments, helps navigate tax and reduces admin fees and is available to PRS members who tour at over 5000+ capacity venues around the world.
In 2020, CEO Andrea Czapary Martin pledged to distribute one-billion-pound of royalties annually by 2026, while at the same time reducing PRS’ cost-to-income ratio. This landmark distribution indicates PRS is well ahead of schedule in paying out a billion in royalties, while its cost-to-income ratio fell to just 9.3%, three years ahead of schedule.
About PRS for Music
Here for music since 1914, PRS for Music is a world-leading music collective management organisation representing the rights of more than 175,000 talented songwriters, composers and music publishers. Redefining the global standard for music royalties, PRS for Music ensures songwriters and composers are paid whenever their musical compositions and songs are streamed, downloaded, broadcast, performed and played in public.
For 110 years it has grown and protected the rights of the music creator community, paying out royalties with more accuracy, transparency and speed. In 2023, PRS for Music paid out £943.6m in royalties and collected a record £1.08 billion in revenues. prsformusic.com
