In a year again impacted by COVID restrictions, we delivered year-on-year growth, with a 22.4% increase in overall revenues to £777.1m, on a constant currency basis. This represents a significant bounce-back towards pre-pandemic levels.
We distributed £677.2m in royalties to members in 2021. While a 3.2% decline on 2020, our commitment to maximising and accelerating distributions ensured the expected impacts of the pandemic’s disruptions were minimised for the music creator community.
Endeavours to resolve issues and process quickly and efficiently ensured distributions returned to almost pre-pandemic levels – just 1.3% below 2019 figures.
We continued to drive operational efficiencies and investments to enhance operations, with our cost to income ratio remaining constant compared to 2020, despite a one-off accounting impact of £2.7m due to changes in guidance.