UK collection society passes £1bn in revenues

PRS for Music has become a billion-pound collection society after collecting £1.08 billion in revenues for 2023 – up 12% year-on-year.

The UK organisation paid out a record £943.6 million of royalties for songwriters, composers and music publishers last year, with total royalty distributions increasing by £107.4m (12.8%) on 2022.

World tours by PRS members including Harry Styles, Sam Smith and Shania Twain, contributed to an overall 93% uptick in international live income, while international royalties collected through its Major Live Concert Service (MLCS) rose 210% from…

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