UK-based collection society PRS for Music on Tuesday (June 3) reported that it paid out GBP £1.02 billion in royalties to songwriters, composers and publishers in 2024.
The figure, which converts to $1.3 billion based on the average annual exchange rate for 2024, is up 8.1% from 2023 when royalty payouts reached £943.6 million ($1.2 million).
PRS for Music reported revenue growth of 6.1% YoY to £1.15 billion ($1.46 billion) in 2024, marking a significant deceleration from the 12.5% increase recorded in 2023 when the organization first became “a billion-pound society.”
Digging deeper into PRS’ numbers, we can see that the society’s online royalties grew 9% YoY in 2024 to £401.2 million ($512m).
Collections from the video games sector surged nearly 180% YoY after the organization secured a deal with Sony Playstation for its streaming service. PRS for Music described the deal as “the first of its kind in Europe.”
International revenues at the end of 2024 jumped 79.6% from 2015 levels to £351.4 million ($448.8m).
The organization attributed the continued growth to “a renewed commercial mindset and investment in data and technology infrastructure.”
“Indeed, it is because we recognize the need to constantly challenge ourselves that we have been able to double the royalties paid to songwriters, composers and publishers in less than a decade.”
Andrea Czapary Martin, PRS for Music
PRS for Music’s CEO Andrea Czapary Martin said: “PRS members have the right to demand their society think differently, challenge the norms in an industry where tradition is too often an excuse for inaction. To constantly evolve to meet their changing needs and expectations.
“Indeed, it is because we recognize the need to constantly challenge ourselves that we have been able to double the royalties paid to songwriters, composers and publishers in less than a decade.”
Andrea Czapary Martin announced the figures at Tuesday’s annual general meeting, where members also elected new council representatives.
Singer-songwriter Cathy Dennis joins the Writer Council as a member alongside Tom Gray, chair of the Ivors Academy, and composer Philip Pope.
PRS for Music’s Publisher Council added new members including Megan Hall, Senior Vice President of Business and Legal Affairs at Concord Music Publishing; Nigel Gilroy, Global Head of Legal & Business Affairs at Novello and Company; Daniel Lang, Senior Vice President of Global Society Relations & Digital Rights at Warner Chappell Music; and Richard Paine, Director of Commercial Rights and Business Affairs at Faber Music.
“I’m delighted to welcome our new and re-elected Council Members. The wealth of knowledge, experience and expertise that they have amassed during their careers will bring a huge amount of insight.”
Julian Nott, PRS for Music
Julian Nott, Chair of the PRS Members’ Council, said: “I’m delighted to welcome our new and re-elected Council Members. The wealth of knowledge, experience and expertise that they have amassed during their careers will bring a huge amount of insight and ensure the Council continues to deliver the best possible society for members and that every part of the membership is served by the organization.”
Music Business Worldwide
