PRS For Music paid out £1.02 billion ($1.3 billion) in royalties to songwriters, composers and publishers in 2024, according to reports from the U.K. collection society.
That figure is up 8.1% from 2023, when royalty payouts to its members reached £943.6 million ($1.2 billion). This means that PRS For Music have delivered early on their five-year plan to achieve £1 billion in royalties paid out by 2026.
Last year, reported revenue growth was up 6.1% to £1.15 billion ($1.46 billion), marking a notable deceleration from the 12.5% increase recorded in 2023, when PRS For Music broke the billion-pound barrier for the first time.
Elsewhere, international revenues at the end of 2024 jumped 79.6% from 2015 levels to £351.4 million ($448.8 million). The organization attributed the continued growth to “a renewed commercial mindset and investment in data and technology infrastructure.”
The society’s online royalties grew 9% in 2024 to £401.2 million ($512 million). Collections from the video games sector accounted for a significant portion of this increase, after PRS For Music secured a partnership with Sony Playstation’s streaming service to build on its long-standing download deal.
Public performance royalty collections were also a key driver of growth, increasing by 14% in 2024 primarily due to a lift in collections from the live sector, which were up 30% year-on-year.
In a statement, PRS For Music’s CEO Andrea Czapary Martin — who features in the inaugural Billboard U.K. Power Players list — 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.”
The above figures were announced at PRS For Music’s annual general meeting, which took place in London on Tuesday (June 3) and was also where new council representatives were elected. Singer-songwriter Cathy Dennis has joined the Writer Council as a member alongside Tom Gray, chair of the Ivors Academy, and composer Philip Pope.
PRS for Music’s Publisher Council increased its membership, welcoming including Megan Hall, senior vp of business and legal affairs at Concord Music Publishing; Nigel Gilroy, global head of legal & business affairs at Novello and Company; Daniel Lang, senior vp of global society relations & digital rights at Warner Chappell Music; and Richard Paine, director of commercial rights & business affairs at Faber 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.”
