Featured image credit: israel palacio on Unsplash
PRS for Music, which represents the rights of over 160,000 songwriters, composers and music publishers in the UK and globally, has revealed a record-breaking £211m (€240m/$233m) royalty distribution to members.
The figure marks the highest-ever payment in its 108-year history, and an 18% year-over-year increase on October 2021.
Live and public performance royalties were up 210% on 2021 and include all remaining royalties held for adjustment during the interruption to licensing during the pandemic.
Music played overseas, including cable retransmission, was also up 2.5% against the same period last year.
Royalties are paid to PRS members when their music is streamed, downloaded, broadcast, performed live and played in public.
Andrea Czapary Martin, chief executive of PRS for Music, said: “The record payment of royalties by PRS for Music reflects our relentless focus on maximising the value of members’ rights. Ensuring members are paid as quickly and accurately is at the heart of everything we do.”
In June, some 50 organisations across the music industry signed an open letter to PRS for Music, asking for a decision around charitable donations to be reversed. In May, PRS for Music announced that it would be making a 60% cut to the amount of money given to its charitable PRS Foundation.
The foundation is a charitable organisation that helps to fund new music and talent development.
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