PRS Revenue Surges by 12%, Exceeds Billion-Pound Mark

PRS for Music, the UK collective management organization, has hit a major milestone by breaking the billion-pound barrier in revenue for the first time in 2023. With a 12% increase, PRS for Music reported a total revenue of £1.08 billion ($1.34 billion) and paid out a record £943.6 million ($1.17 billion) in royalties.

CEO Andrea Czapary Martin highlighted the organization’s success in keeping the cost-to-income ratio below 10%, a goal that was achieved with a ratio of 9.2% in 2023. This achievement is a testament to the hard work of the team behind the scenes of the music industry.

Over the past decade, PRS for Music has more than doubled its revenue, showing a remarkable 111% increase since 2014. Additionally, the organization saw a significant growth in membership, with an increase of 10,000 members.

The majority of PRS for Music’s revenue came from online licensing, generating £366.5 million ($455.5 million), followed by distribution at £360.3 million ($447.8 million). International revenue also saw a substantial increase, reaching £339.3 million ($421.7 million). Public performance royalties, a core aspect of the organization, accounted for £251.7 million ($312.8 million), showing a 10% increase.

With a strong financial performance and an enviable cost-to-income ratio, PRS for Music continues to make strides in the music business. The organization’s success can be attributed to strategic partnerships and a focus on efficiency, positioning it as a leader in the industry.