Songwriters Receive Over £1 Billion in Payments from Music Royalty Organisation
Online royalties from music streaming, on-demand video, and gaming experienced their highest growth rate ever.
One of the largest music royalty collectors in Britain has surpassed the £1 billion revenue milestone for the first time in its 110-year history.
PRS for Music, a music collective management organization representing the rights of over 165,000 songwriters, composers, and music publishers, including artists like Sam Smith and Shania Twain, announced record royalty distributions on Tuesday.
They disclosed paying out a record £943.6 million in royalties to songwriters, composers, and music publishers.
The company handles collecting and distributing royalties for music played in public, broadcasted, downloaded, streamed, or performed live globally and in the UK.
A Billion-Pound Society
The Performing Right Society, later known as PRS for Music, was established in 1914 by a consortium of music publishers, including William Boosey and Oliver Hawkes, to safeguard copyright value and create income for composers, songwriters, and music publishers.
In 2023, they became a “billion-pound society,” amassing £1.08 billion in revenues, marking over a 12 percent (£120.9 million) increase from 2022. They administered the rights of 41 million compositions and songs worldwide in 2023.
“We’re leading a significant change in the music industry,” they stated.
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“For 110 years, our mission has been to ensure fair compensation for every music creator for their artistry, wherever and whenever their music is heard,” stated Andrea Czapary Martin, CEO of PRS for Music.
Music Usage Online
Royalties from online music usage (music streaming, video-on-demand, and video games) saw the highest year-on-year growth percentage.
Tracks like “Escapism” by RAYE ft. 070 Shake, “Calm Down” by Rema, and “Boy’s a Liar” by PinkPantheress were among the most streamed tracks from PRS writers last year.
New seasons of popular shows like “The Bear,” “The Crown,” “Succession,” and “Top Boy” showcased music by PRS composers and songwriters.
“Barbie,” featuring “Dance the Night” by Dua Lipa, was one of the most streamed pay-to-watch films at home in the UK. The movie “Saltburn” caused a stir by using Sophie Ellis-Bextor’s “Murder on the Dancefloor.”
Artists like Arctic Monkeys, Burna Boy, and Busted earned from live music tours in the UK. Events like Eurovision in Liverpool and the Download Festival also contributed to this growth.
The PRS membership also expanded by 10,000 in the last year, the highest increase to date.
AI
Previously, the music industry was concerned about the impact of piracy on revenues. Now, there are worries about potential threats and uses of artificial intelligence in the industry.
“We must implement policies that harness the benefits of AI while mitigating its threats,” said All-Party Parliamentary Group on Music chair and Labour MP Kevin Brennan.
The “Artificial Intelligence and the Music Industry—Master Or Servant?” report raised concerns that unchecked AI developments could impact the creativity and authenticity of music production.
The APPG called for a “UK AI Act” to improve personality rights, strengthen copyright laws in the UK, and introduce transparent labeling for AI-generated content.
It highlighted that AI-generated works, or elements of works, are generally not protected by copyright due to the requirement of human creativity in copyright protection.
In Tennessee, the Ensuring Likeness, Voice, and Image Security Act, or “ELVIS Act,” will prohibit replicating an artist’s voice without consent starting July 1, 2024.
