PRS for Music sets new benchmark: Songwriters and composers receive unprecedented royalty payouts of £943.6 million - a 13% increase on last year 28 May 2024
- Royalties from music used online (music streaming, video-on-demand and video games) saw the highest year-on-year percentage growth (23.2% or £67.9 million) and highest distribution at £360.3 million.
- Escapism by RAYE ft. 070 Shake, Calm Down by Rema, and Boy's a Liar by PinkPantheress, were just some of the most streamed tracks of the year featuring PRS writers.
- New seasons of acclaimed dramas The Bear, The Crown, Succession and Top Boy were released last year, all of which featured music by PRS composers and songwriters.
- OSCAR-winning Barbie was one of the most streamed pay-to-watch movies at home in the UK, featuring chart-topping Dance the Night by Dua Lipa, while Saltburn caused chart disruption with its now (in)famous sync of Sophie Ellis-Bextor's Murder on the Dancefloor.
- Music by PRS writers played and performed overseas generated an additional £69.9 million last year, and distributions from the use of members' works used overseas grew by 19.35% (£45.8 million) to £283.4 million last year.
- Europe remained the most important market for members' music, with collections exceeding £181 million, up £34 million (23%). Total royalties from North America, increased by 25% (£21.1 million) to over £105 million in 2023, predominately driven by increased online and radio income.
- World tours from PRS members last year, including Harry Styles, Sam Smith and Shania Twain, contributed to an overall 93% increase in international live income.
- International royalties collected through the Major Live Concert Service (MLCS) increased from £6.2 million to over £19 million, an uplift of 210% in 2023.
- Royalties paid out from public performance, including live music, were £3.7 million higher in 2023 (2.0%), reflecting continued buoyancy of stadium and arena live events.
- Arctic Monkeys, Burna Boy, and Busted, were among those who led the charge for live music tours in the UK last year. Noteworthy one-off special UK events such as Eurovision being hosted in Liverpool and Download Festival extending its lineup for its 20th anniversary, contributed to this result.
- Revenues from the retail sector was £1.8m higher than in 2022, benefitting from increased use of PRS' repertoire in shops and bars.
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THE HEADLINES
2024 Mercury Prize shortlist revealed (see News)
Impala survey shows economic benefits of taking sustainability action (see Reports)
How the music charts lost their lustre (see Comment)
Should skipped songs be valued less on streaming services? (see Analysis)
The rise of the songwriter ‘brand’ (see Comment)
The frequency factor – when daily just isn’t enough (see Comment)
UK Music research shows value of gigs, concerts and festivals to local economies (see Reports)
Why would anyone run a festival? (see Features)
The illusion of an idea - a scaled-down music industry (see Comment)
14 independent labels launch ORCA think tank (see Comment)
Industry responds to King's Speech (see News)
UK Music CEO Tom Kiehl addressed the UK Music Summer Party (see News)
Official Charts marks 10 years of streaming in the UK’s Official Singles Chart (see Analysis)
ERA: Music outpaces video and games in first half of 2024 with sales revenues up 7.9% (see Reports)
Singles chart sees 28 weeks without a British voice at the top (see News)