PRS for Music has announced a record payout of £943.6 million in royalties to songwriters, composers, and music publishers for 2023. This represents a significant increase of £107.4 million (12.8%) compared to 2022, and an increase of over £266 million since 2021.
The organization reached a major milestone, becoming a billion-pound society with total revenues of £1.08 billion, marking a 12% increase (£120.9 million) from the previous year. Over the past decade, PRS for Music has more than doubled its collections, with revenues up by £571.4 million (111%) and a 121% (£518 million) increase in royalties paid out.
Growth Across Key Areas
- Online Royalties: Collections rose to £366.5 million, an 8.5% increase (£28.7 million) from £334 million in 2022. Payouts increased by 23.2% (£67.9 million) to £360.3 million from £292.4 million.
- International Royalties: Collections reached £339.3 million, up 25.9% (£69.9 million) from £272.4 million. Payouts grew by 19.35% (£45.8 million) to £283.4 million from £237.6 million.
- Public Performance Royalties: Collections were £251.7 million, a 10% increase (£22.8 million) from £228.9 million. Payouts rose by 2.0% (£3.7 million) to £188.2 million from £184.5 million.
Notable contributors to these figures include successful music creators such as RAYE, Rema, and Sophie Ellis-Bextor.
PRS for Music reported a cost-to-income ratio below 10% for the second consecutive year, achieving a new low of 9.2% (down from 9.3% in 2022). This ratio highlights the society’s efficiency and successful targeted investments in people, technology, and services, delivering significant returns for its members.
Andrea Czapary Martin, CEO of PRS for Music, stated: “Our remarkable performance in 2023 is a testament to the team’s hard work behind the scenes of the music industry. We’re not just surpassing financial milestones at the lowest cost-to-income ratio amongst our peers; we’re orchestrating a significant shift in the music business. My vision to ascend to a billion-pound society in royalties paid out isn’t just a goal — it reflects our commitment to music creators worldwide.”
PRS for Music saw its membership grow by 10,000 in the past year, welcoming numerous new members from Africa and Asia, including artists such as 2Baba, Akhil Sachdeva, Crayon, Gyakie, Himmat Sandhu, Ruger, Sanjith Hegde, and Young Jonn.
By migrating its distribution systems to the Oracle Cloud, PRS for Music was able to pay over 6,000 songwriters and composers their first royalty payments in 2023, marking the society as the first to implement such advanced technology.
