PRS for Music announces its biggest payout in 108 years
A record-breaking £211M payout in royalties was announced by PRS for Music this week. This marks the highest ever amount paid by the collection society to its members in 108 years of history. The total figure reflects a 18% year-over-year increase on October 2021.
Live and public performance royalties have also shot up a whopping 210% from where they were at in 2021. These include all the remaining royalties that were held for adjustment while licensing was interrupted due to Covid-19.
When it comes to music played overseas, the numbers were also up in comparison to the same period in 2021 by 2.5%. This increase further reinforces the value of members’ works on an international level, as well as the work done by the PRS team in identifying usage of these works.
The CEO of PRS for Music, Andrea Czapary Martin, stated: “The record payment of royalties by PRS for Music reflects our relentless focus on maximizing the value of members’ rights. Ensuring members are paid as quickly and accurately is at the heart of everything we do.”
The PRS represents more than 160,000 songwriters, composers and publishers worldwide and is responsible for paying out royalties regarding streaming, downloading, broadcasting, and playing music live or in public.