Christopher BarrettCollection society PRS For Music reported a 22.4% year-on-year increase in revenue to £777.1m during 2021 despite live music royalties falling for a second year running.
The organisation, which collects royalties on behalf of more than 160,000 songwriters, composers and music publishers, saw a 45.6% (£83.9m) year-on-year increase in royalties collected from music played online, while international revenue and income from broadcast use remained relatively stable.
It said 2021 saw further falls in royalties from the live sector, declining 29.2% (£3.3m) year-on-year to £8m. This represents a reduction of 85.2% (£46m) since 2019.
PRS said there was an 84% decline in the number of live performance setlists reported to the society in 2021, falling from 124,000 in 2019, to 19,300.
PRS for Music distributed £677.2m in royalties to its members in 2021.
This year, there are more than 240 major tours featuring PRS members planned throughout the UK and beyond.