
UK-based assortment 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 determine, which converts to $1.3 billion based mostly on the typical annual trade price for 2024, is up 8.1% from 2023 when royalty payouts reached £943.6 million ($1.2 million).
PRS for Music reported income progress of 6.1% YoY to £1.15 billion ($1.46 billion) in 2024, marking a major deceleration from the 12.5% improve recorded in 2023 when the group first turned “a billion-pound society.”
Digging deeper into PRS’ numbers, we will see that the society’s on-line royalties grew 9% YoY in 2024 to £401.2 million ($512m).
Collections from the video video games sector surged almost 180% YoY after the group secured a take care of Sony Ps for its streaming service. PRS for Music described the deal as “the primary of its variety in Europe.”
Worldwide revenues on the finish of 2024 jumped 79.6% from 2015 ranges to £351.4 million ($448.8m).
The group attributed the continued progress to “a renewed industrial mindset and funding in knowledge and know-how infrastructure.”
“Certainly, it’s as a result of we acknowledge the necessity to continually problem ourselves that we have now been in a position to double the royalties paid to songwriters, composers and publishers in lower than a decade.”
Andrea Czapary Martin, PRS for Music
PRS for Music’s CEO Andrea Czapary Martin mentioned: “PRS members have the appropriate to demand their society suppose otherwise, problem the norms in an business the place custom is simply too usually an excuse for inaction. To continually evolve to fulfill their altering wants and expectations.
“Certainly, it’s as a result of we acknowledge the necessity to continually problem ourselves that we have now been in a position to double the royalties paid to songwriters, composers and publishers in lower than a decade.”
Andrea Czapary Martin introduced the figures at Tuesday’s annual basic assembly, the place members additionally elected new council representatives.
Singer-songwriter Cathy Dennis joins the Author Council as a member alongside Tom Grey, chair of the Ivors Academy, and composer Philip Pope.
PRS for Music’s Writer Council added new members together with Megan Corridor, Senior Vice President of Enterprise and Authorized Affairs at Harmony Music Publishing; Nigel Gilroy, World Head of Authorized & Enterprise Affairs at Novello and Firm; Daniel Lang, Senior Vice President of World Society Relations & Digital Rights at Warner Chappell Music; and Richard Paine, Director of Business Rights and Enterprise Affairs at Faber Music.
“I’m delighted to welcome our new and re-elected Council Members. The wealth of data, expertise and experience that they’ve amassed throughout their careers will carry an enormous quantity of perception.”
Julian Nott, PRS for Music
Julian Nott, Chair of the PRS Members’ Council, mentioned: “I’m delighted to welcome our new and re-elected Council Members. The wealth of data, expertise and experience that they’ve amassed throughout their careers will carry an enormous quantity of perception and make sure the Council continues to ship the absolute best society for members and that each a part of the membership is served by the group.”
Music Enterprise Worldwide