PRS Revenue Growth

That total, which came from PRS and MCPS incomes, was 1 percent up on 2013 and included international income, public performance, television and radio, online and recorded media. The growth was achieved with a cost-to-revenue ratio of 11.4 percent, making it one of the most cost effective collection agencies in the world. The popularity of UK songwriters abroad continued and drove PRS overseas royalties up to £188.2 million. Mumford & Sons, Sam Smith and James Napier, Disclosure, Charli XCX and Ed Sheeran were notably successful global exports in 2014.

Revenue from emerging markets grew in significance as Latin America, Africa and the Middle East delivered 37.8 percent growth on 2013, while Asia Pacific, dominated by the developed markets of Australia and Japan, showed growth of 2.2 percent on a constant currency basis. Revenue from the public performance of music rose by £6 million to a new high of £168.3 million.

There were increases across all major tariff areas with the exception of pubs and clubs, which continue to show a decline in the use of music. 2014 saw a strong roster of concerts with more than 30,000 events licensed. PRS for Music also saw growth in the cinema sector following the conclusion of monitoring initiatives which resulted in an 11.5 percent rise in conjunction with efficiency improvements. PRS For Music chief exec Robert Ashcroft said. “Despite the impact of a challenging economic backdrop in key international territories, a strong pound and the decline of the physical market, we managed to achieve our budgeted revenues in 2014. “We work hard to provide an outstanding service to members with the lowest possible charge to them.”