PRS press release: PRS Reports Record Figures for 2015 with Continued Revenue Growth for Members
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
Robert Ashcroft, Chief Executive, PRS, commented:
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.
Download the further breakdown of the PRS 2015 financial results here.
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