PRS for Music collected a record £964m in 2022, a year-on-year increase of 22.9% (£179.4m).
These results indicate an increase of £154m (18.9%) on the previous high of £810m achieved in 2019.
Last year, PRS for Music paid out £836.2m of royalties, a 23.5% (£159m) increase on 2021. The quarterly distribution in October alone was in excess of £211m, the largest single distribution in the organisation’s 108-year history.
Andrea Czapary Martin, CEO of PRS for Music (pictured) said: “In 2021, PRS for Music set out its vision to pay out over £1 billion in royalties within the next five years, last year we accelerated progress towards, and beyond, this milestone.
“Through our ambitious licensing strategy and utilising our joint ventures we have maximised the value of members works at every opportunity.
“While our investment in new technologies and services means we can pay out royalties more quickly and accurately, delivering the best possible service to members at a market leading low cost-to-income ratio.”
This story first appeared on radiotoday.co.uk