Monday 15th March 2010
PRS for Music Financial Results 2009
Royalty revenues rise 2.6% on 2008
PRS for Music, which represents 65,000 songwriters, composers and music publishers in the UK, collecting and distributing royalties on their behalf, today announced a 2.6% rise in annual revenues to £623m.
Tougher trading conditions in the UK music market were offset by strong growth internationally and by the licensing of new online services:
- Significant increase in revenues from British music use abroad (up 19.4% to £166.9m) were buoyed by both exchange rate gains and increased licensing activity in new and established territories
- Online revenues grew 72.7% to £30.4m, reflecting the increased number of legal licensed digital music services available in the UK and across Europe
- This growth (£12.8m) outperformed the decline in traditional CD and DVD formats (down £8.7m) for the first time, though the legal online music market is still comparatively small
- Public performance revenues increased by 2.4% despite a reduction in licence fees for small businesses to £44 per annum as more businesses take greater advantage of the benefits of music
Robert Ashcroft, Chief Executive of PRS for Music, said: “In a tough trading year for all of us I’m pleased we were able to deliver a small increase in royalty revenues, allowing the nation’s music creators to keep creating music that is heard and appreciated around the world. This growth reflects in particular our increased efforts to license those benefiting from the use of British music overseas, our continued pursuit of legitimate alternatives to online piracy and, as always, the creative talent of our authors, composers and publishers.
2009 was the first year in which the growth in revenues from the legal digital market compensated for the decline in revenues from traditional CDs and DVDs, though we remain cautious as to whether this represents a true turning point. The next decade does however promise further growth in earnings from the legal digital market as well as the use of British music overseas”.
|Broadcasting & Online
|Public Performance Sales
*An explanation of business areas:
1. Broadcasting & Online – covering all radio, TV & internet services
2. International – use of British music abroad in any form
3. Public Performance Sales – including clubs, music venues, businesses & commercial premises
4. Recorded Media – such as CDs & DVDs
For more information, get in touch:
Nicola Formoy, Public Relations Manager:
02073064229 / 07843 529537
Vaughan Andrewartha, Votive Communications:
020 7353 9277 / 07970 056920
PRS for Music:
PRS for Music represents 65,000 songwriters, composers and music publishers in the UK. As a not-for-profit organisation it ensures creators are paid whenever their music is played, performed or reproduced; championing the importance of copyright to protect and support the UK music industry. The UK has a proud tradition of creating wonderful music that is enjoyed the world over and PRS for Music has been supporting the creators of that music since 1914.
PRS for Music provides business and community groups with easy access to over 10m songs through its music licences. In an industry worth £3.6bn PRS for Music is uniquely placed to be a voice for music and can provide data and comment for all aspects of the business: live, broadcast, sales, online, touring and music creation and up to date analysis, research and trends about the industry.