The Performing Right Society (PRS) has 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 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.
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
However the collection society’s headline costs increased by £10.2m in the year (17.7%) to £67.8m and there was an uplift in charity donations, which increased by £500,000 to £2.1m – which all went to the PRS For Music Foundation.
For a more detailed analysis see Music Business Worldwide http://www.musicbusinessworldwide.com/prs-annual-payouts-to-members-increase-8-4-but-costs-spiral-by-10m/