Financial results 2024

PRS for Music paid out record £943.6m in royalties in 2023

Total royalty distributions increased by 13% in another record-breaking year for the society.

Sam Moore
  • By Sam Harteam Moore
  • 28 May 2024
  • min read

PRS for Music paid out a record £943.6m in royalties to songwriters, composers and music publishers in 2023.

Total royalty distributions increased by £107.4m (12.8%) compared to 2022, and are up over £266m since 2021.

PRS for Music capped off a landmark year by becoming a billion-pound society: £1.08 billion in revenues was collected, 12% (£120.9m) more than in 2022. PRS for Music has more than doubled its collections over the past decade, with revenues up by £571.4m (111%) and a 121% (£518m) increase in royalties being paid out.

There were significant increases in royalties in 2023 from online (collected £366.5m, up 8.5% [£28.7m] from £334m in 2022; paid out £360.3m, up 23.2% [£67.9m] from £292.4m), international (collected £339.3m, up 25.9% [£69.9m] from £272.4m; paid out £283.4m, up 19.35% [£45.8m] from £237.6m) and public performance (collected £251.7m, up 10% [£22.8m] from £228.9m; paid out £188.2m, up 2.0% (£3.7m) from £184.5m), The success of such music creator members as RAYE, Rema and Sophie Ellis-Bextor (pictured above) over the past 12 months were among the notable contributors to these figures.

The society has also reported a cost-to-income ratio below 10% for the second consecutive year, falling to a new low of 9.2% (down from 9.3% in 2022). An important indicator of a society’s efficiency, this figure once again demonstrates how PRS for Music’s targeted investments in people, technologies and services are delivering significant returns on investment for members.

Andrea Czapary Martin, CEO, PRS for Music, said in a statement: ‘Our remarkable performance in 2023 is a testament to the team’s hard work behind the scenes of the music industry. We're not just surpassing financial milestones at the lowest cost-to-income ratio amongst our peers; we're orchestrating a significant shift in the music business. My vision to ascend to a billion-pound society in royalties paid out isn't just a goal — it reflects our commitment to music creators worldwide.

‘With our focus on innovation and strategic partnerships, including the recent pioneering Project Nexus, we're shaping the future of our business and redefining how rights are managed globally. For 110 years we have existed to ensure that every music creator receives fair compensation for their artistry, wherever and whenever their music is played.’

The PRS membership has grown by 10,000 in the last 12 months, more than in any previous year. The society welcomed a significant number of new members from Africa and Asia, including 2Baba, Akhil Sachdeva, Crayon, Gyakie, Himmat Sandhu, Ruger, Sanjith Hegde and Young Jonn.

By migrating its distribution systems to the Oracle Cloud, the first society to do so, PRS for Music was also able to pay over 6,000 songwriters and composers their very first royalty payments in 2023.