PRS For Music: 2008 Financial Results
19 Jan 2009
Announcing record results for 2008 worth over £600m in royalties to UK songwriters, composers and music publishers, the UK collection society also reports a 15% growth in broadcast and online, a 10% growth in public performance sales and a 10% growth in international. Meanwhile, it has also signed various deals with a variety of publishers and Amazon in the UK for its download service.
- Overall growth of 8% on 2007 (PRS for Music has consistently grown revenue year-on-year);
- Licensing more effectively across the board. Over 350,000 UK businesses are now licensed to use music;
- Double digit growth in 3 of our 4 business areas;
- Effectively licensing new online services, therefore monetising the digital space.
PRS for Music exists to help businesses and community users get access to some of the world’s best loved songs, while making sure that songwriters, composers and publishers are rightfully rewarded whenever their musical works are played, performed or reproduced. PRS for Music provides the permissions needed to use music for any product or space, from a TV programme or YouTube video, to the workplace radio and every possibility in between. Through effective, fair and transparent licensing [it] ensures that creators can keep on creating by dellivering vital income to all [its] 60,000 membership.
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