We distributed a record £699.4m to songwriter, composer and music publisher members in 2020, a year-on-year increase of 2% (£13.4m). However, the impact of COVID-19 saw the total revenue decline by 19.7% (£159.9m) to £650.5m overall, eradicating years of record growth.
In a year that saw devastating impacts across most parts of the music industry, music creators relied on royalties more than ever for financial support. Through bolstering data processing to pay out royalties as quickly as possible and setting strong operational foundations in 2019, PRS for Music was able to react quickly and robustly when COVID-19 struck in late March 2020, helping to achieve this record result in distributions to its members. The society also reduced its net costs excluding charitable donations and subsidies by £12.1m, or 13.8%.