PRS for Music saw record figures in 2022. Revenue growth was at 22.9% year-on-year and the figure sat at £964 million. Of that amount, £836 million came from royalties to be paid out.
The British society PRS for Music collects royalties and handles licences to music. During their recently published annual figures it’s found they have broken their previous records. In 2022, their revenue grew by 22.9% YoY and reached a huge £964 million which is an increase of £179.4 million from the previous year.
It’s suggested that 2021 was a harder year to handle due to it being the first year things started returning to normal after the pandemic. However, PRS are seeing numbers that completely blow even pre-covid figures out of the water. Going back to 2019 they were seeing figures of £810.8 million, this then dropped throughout COVID and has now risen dramatically.
Within 2022, the amount they paid out in royalties came to £836 million which is an increase of 23.5% compared to the previous year. Streamed music brought in £284.3 million towards the royalties figures, and live music generated £62.7 million. This is great news for all music artists involved with PRS. It looks like they could continue on this streak too.
It shows that despite setbacks and the world essentially being put on hold, there is always a need for music. Not only streamed music, but also live music too. There was once a concern that people had become used to music reaching them from the comfort of their own homes, and therefore not needing the return of live music.
However, these numbers alone prove that isn’t the case. Music has continued to rise in popularity since the pandemic, and it looks like it will continue to do so. PRS are likely to see further success in 2023. With 163K members, it’s easy to see why. They protect the royalties of musicians. Meaning no musician on their platform will miss out on what they’re owed.