PRS for Music financial results 2008
Record revenues for UK songwriters and composers
PRS for Music (formerly The MCPS-PRS Alliance), which collects and pays music royalties, today announces record results for 2008 worth over £600m in royalties to UK songwriters, composers and music publishers.
- Overall growth of 8% on 2007 (PRS for Music has consistently grown revenue year-on-year),
- Licensing more effectively across the board. Over 350,000 UK businesses are now licensed to use music,
- Double digit growth in 3 of our 4 business areas,
- Effectively licensing new online services, therefore monetising the digital space.
Chief Executive, Steve Porter, said, "For the first time our revenue has topped £600 million which is a fantastic achievement. It's a great boost for the UK songwriters, composers & publishers who we represent and a strong start for our new identity PRS for Music."
What PRS for Music earned for its members for the use of their music in 2008. PRS for Music is uniquely placed in that it has data for the whole industry and not just physical sales.
An explanation of business areas:
- Broadcasting & Online – covering all radio, TV & internet services
- Public Performance Sales – including clubs, music venues, businesses & commercial premises
- International – when British music is played and used overseas
- Physical Recorded Product – such as CDs & DVDs
Broadcast & Online
Over £179m collected with 15% growth compared to 2007.
In 2008 PRS for Music agreed new licensing deals with the likes of EMusic, Nokia Comes with Music, Amazon and renewed deals with Disney, UKTV, ITV, Turner Broadcasting, Setanta and many more. PRS for Music is the first collection society in Europe to license YouTube. Radio revenues were flat as commercial advertising came under pressure.
Public Performance Sales
£140m collected with 10% growth compared to 2007.
PRS for Music saw growth in Public performance revenues across all areas due to increased effectiveness in licensing, deeper market penetration and a strong live music market throughout 2008.
Over £139m collected with 15% growth compared to 2007.
PRS for Music now collects royalties from over 170 countries. The top overseas territories for UK-created music in 2008 were:
The biggest growth in 2008 came from Eastern Europe and Latin American markets. PRS for Music is also focussed on BRIC (Brazil, Russia, India, and China) countries as future areas of growth.
Physical Recorded Product
£140m collected, a decrease of 7% compared to 2007
The continue decline in CD sales is reflected in PRS for Music’s collection revenues but our overall revenues from physical product has decreased less than the overall market. DVD sales – including titles such as the BBC’s Planet Earth, which contain music content have performed well.