7 April 2014
PRS for Music financial results reveal a record year £665.7m revenue achieved in 2013
PRS for Music, the organisation that represents over 100,000 music creators in the UK and two million worldwide, today published its financial results for 2013, achieving income of £665.7m, a 3.7% increase on 2012.
The popularity of UK songwriters and composers on the world stage helped to fuel an 11.7% increase in international revenue, with total international royalties breaking the £200m barrier for the first time. Global demand for hit UK television shows, and the prevalence of PRS for Music repertoire across high growth cable television networks, helped to ensure that international royalty revenue provided UK music creators with their single largest source of income from PRS for Music in 2013. PRS for Music members continued to perform well internationally, with Mumford and Sons, Arctic Monkeys and Ellie Goulding enjoying exceptional success.
Across international markets, North America delivered strong (10.7%) growth for PRS for Music members due to the growing cable TV market and internet streaming services. Australia also saw strong growth (18%) thanks to improved deals with local television. Despite an ongoing challenging climate in Europe, a strong performance resulted in 15% revenue growth overall. Results in the Asia-Pacific region exceeded expectations across the board with 8.9% growth.
Online revenues reached £61.2m in 2013, an increase of 18.3%. Contributors to this growth were new licences and key licence renewals, such as Deezer and YouTube, and some new mandates. The online market continues to evolve apace, with the increasing transition from downloads to streaming.
Television and radio continues to provide significant income to PRS for Music songwriters and composers. New licensing deals for services such as BT Sport, renewal of key licences such as Sky and strong sales for TV productions using PRS for Music repertoire resulted in revenue of £160.4m, an increase of 4.8%.
In 2013, the challenging retail landscape and the closure of HMV branches contributed to the further decline (21%) of the recorded media market. Despite this decline, the recorded media market still provides significant income of £80.7m.
Robert Ashcroft, Chief Executive, PRS for Music, said: "As one of only three net exporters of music, these financial results underline the strength of our repertoire. By securing a series of new licensing deals at home, online and abroad, we’re successfully growing the market for our members. PRS for Music’s vital role at the heart of the music industry ensures that the popularity of music translates into earnings for our members – so they can continue to create the music that enriches all our lives. Copyright remains fundamental to our members’ success. It’s the lifeblood that keeps the wheels of creative production turning and that underpins the global creative economy."
PRS for Music headline results
Royalty revenue by source:
Royalty revenue, costs and net distributable revenue:
|Revenue - royalties
|Interest and other income
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It’s our centenary year
Spurred on by the 1911 Copyright Act, PRS was founded by renowned music publishers, William Boosey and Oliver Hawkes. The duo later became one of the world’s largest classical music publishers representing the rights of works by Bartók, Leonard Bernstein, Britten, Copland, Kodály, Mahler, Prokofiev, Rachmaninoff, Richard Strauss and Stravinsky.
The first royalty cheque was paid to English composer, Eric Coates, for the princely sum of £50. The main source of royalty revenues for PRS members in the early 20th century came from orchestras playing live in cinemas during the silent film boom years before the birth of TV. Other activities that were licensed included live bands, music halls, touring circuses, restaurants that hosted tea dances and bandstands in local parks dotted around the UK.
From Benjamin Britten to Sir Paul McCartney, Queen to Emeli Sandé, our members are some of the most influential and popular songwriters of all time. One hundred years ago, against the backdrop of the First World War, PRS was formed with one member: operatic soprano sensation, Liza Lehmann. A century later, it boasts over 100,000 members in the UK, represents two million worldwide and contributes to a music industry worth £3.8 billion to the UK economy.