Record Year For PRS

PRS for Music’s 2013 income rose 3.7 percent to £665.7million ($1.1 billion), aided by a record-breaking year in international markets.

The popularity of UK songwriters and composers on the world stage helped to fuel an 11.7 percent increase in international revenue, with total international royalties breaking the £200 million ($333.5 million) barrier for the first time.

Global demand for hit UK television shows, and the prevalence of PRS for Music repertoire across high-growth cable television networks, helped to ensure international royalty revenue provided UK music creators with their single largest source of income from PRS for Music in 2013.

The acts benefiting most from the international royalty income included Mumford and SonsArctic Monkeys and Ellie Goulding.

North America delivered a 10.7 percent growth for PRS members due to the growing cable TV market and internet streaming services. Australia produced an 18 percent growth thanks to improved deals with local television.

Despite the financial difficulties in some European markets, revenues grew 15 percent. The Asia-Pacific region also performed well with 8.0 percent growth.

Online revenues from international markets increased 18.9 percent to £61.2 million ($102 million).

“As one of only three net exporters of music, these financial results underline the strength of our repertoire,” said PRS For Music chief exec Robert Ashcroft. “By securing a series of new licensing deals at home, online and abroad, we’re successfully growing the market for our members.”