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
IMPF says members should reject AI deals that do not value songs properly (see News)
Which songs do we replay the most? (see Analysis)
Spotify Wrapped 2025 goes live (see Digital)
Daddy Yankee files lawsuit against former manager and third parties for alleged royalty scheme (see News)
EU touring: Impact of Brexit worsening, says UK Music report (see Reports)
ORCA released a report analysing the economic investments and social impact of nine leading independent record labels (see Reports)
Jorja Smith’s label requests share of royalties from ‘AI-cloned’ song (see News)
A creative nation is a thriving nation (see Opinion)
Australian report also highlights how other non-US English-speaking countries are hit by algorithms (see Reports)
AI slop: Spotify, Tunecore, and credibility (see Comment)
Warner Music signs deal with Suno, settles lawsuit (see News)
EC sends UMG its statement of objections to Downtown acquisition (see News)
20 years of Spotify — who’s winning, losing and making money? (see Features)