PRS reports record figures for 2015 with continued revenue growth for members
PRS revenue up 7% to £537.4m on a constant currency basis 8.4% increase in distributions means £35.6m more money flowing through to members Growth across all revenue streams
The Performing Right Society (PRS), the organisation that represents over 118,000 music creators in the UK and two million worldwide, today announced its 2015 financial results, revealing a record high royalty income of £537.4m*.
This figure represents an increase of 7% on 2014 when measured on a constant currency basis, with year on year growth across all revenue streams.
PRS delivered more money to its members with an 8.4% increase in distributions, equating to an extra £35.6m compared to 2014. Key drivers of this success include continued growth in the online market, the success of PRS member’s repertoire in overseas markets and efficiency improvements associated with the processing of online royalties.
Revenue grew across all streams: Online, International, Broadcast TV and Radio and Public Performance:
- Online revenues reached £42.4m, representing an increase of 12.8% over 2014. This was driven by market growth and improved licensing
- International revenues totalled £195.6m, an increase of 10.4% on a constant currency basis, showing the value of investing in better tracking of the use of members’ rights overseas
- Broadcast revenues were £124.2m: an increase of 4.1%, in part due to growth in advertising on commercial radio stations
- Public performance royalties grew to £175.2m, an increase of 4.1%, reflecting PRS’ strategy of communicating the value of music to businesses
Our numbers for 2015 reinforce PRS’ position as a global leader in collective rights management and our commitment to delivering increasing value to our members. Our revenue growth is fuelled by the strength of the repertoire we represent and the dedication of our people who are critical to our success. As we modernise our operations, our performance will continue to showcase PRS as one of the most efficient collective rights management societies in the world.
We have had to invest to secure this impressive revenue growth and to position PRS to respond to an increasingly competitive marketplace. With a major joint venture with PPL, the commencement of a new digital transformation programme and some exceptional litigation costs in support of landmark licensing deals, PRS is making positive steps to deliver real value to its members. These initiatives resulted in a relatively modest increase in underlying cost, mostly due to an increase in depreciation charges, but this was significantly outweighed by real, underlying growth in revenues and we are proud of our 2015 results in every way.
The 2015 PRS financial results will be presented at the Annual General Meeting at the British Library Conference Centre on 26 May 2016.
Notes to Editors
*Unlike previous years, this document does not include the Mechanical-Copyright Protection Society Limited (MCPS) financial figures. MCPS are a separate legal entity with separate Board and Management structures.
About PRS for Music
PRS for Music represents the rights of songwriters, composers and music publishers in the UK and around the world. As a membership organisation the company ensures creators are paid whenever their music and songs are played, performed, broadcast or reproduced in public and provides business and community groups with access to 22.2 million songs through its music licences. With over 100 representation agreements in place globally, PRS for Music's network represents over two million music creators.
In 2016, the organisation collected over half a billion pounds (£621.5m) on behalf of its members, making it one of the world’s leading music collective management organisations.