Joe GallopCollection society PRS for Music said it collected a record £964m in 2022, a YoY increase of 22.9% (£179.4m) and an increase of £154m (18.9%) on the previous high of £810m achieved in 2019.
PRS’ overall revenues from public performance represented the largest YoY increase in 2022, up by 66.4% (£91.3m) to £228.9m compared to 2021.
The society saw royalties from live music jump to £62.7m, an increase of 683% (£54.7m) compared to 2021 and 16.1% (£8.7m) on 2019.
Last year the organisation, which represents the rights of over 165,000 writers, composers, and music publishers globally, paid out a record £836.2m of royalties, a 23.5% (£159m) increase on 2021.
PRS’ results were delivered at a cost-to-income ratio of 9.3%, excluding charitable donations and subsidies, meeting the target of achieving a cost-to-income ratio below 10% four years earlier than its five-year plan.
While streaming contributed £284.3m to overall online royalties of £334m, PRS said the big story of 2022 was the strength of the rebound in live music, as royalty collections generated £62.7m of royalties, an increase of 683% (£54.7m) compared to 2021 and 16.1% (£8.7m) on 2019. More than 128,000 live events were reported to PRS for Music across the year in the UK, including major tours from the likes of Dua Lipa, Ed Sheeran, Little Mix, N-Dubz, The Cure and The Rolling Stones.
The society launched its Back to Live Music Venue Prize competition, which saw six independent music venues across England, Northern Ireland, Scotland, and Wales awarded a total of £60,000 in financial support.
PRS for Music CEO Andrea Czapary Martin (pictured) said, “In 2021, PRS for Music set out its vision to pay out over £1 billion in royalties within the next five years, last year we accelerated progress towards, and beyond, this milestone.
“Through our ambitious licensing strategy and utilising our joint ventures we have maximised the value of members works at every opportunity. While our investment in new technologies and services means we can pay out royalties more quickly and accurately, delivering the best possible service to members at a market leading low cost-to-income ratio.”