PRS for Music hails live music rebound
UK-based rights management organisation PRS for Music has hailed the rebound in live music after revealing record collections for 2022.
The society, which represents the rights of over 165,000 writers, composers, and music publishers globally, collected £964 million in 2022, a year-on-year increase of 22.9% (£179.4m), and an 18.9% increase on the previous high of £810m achieved in 2019.
Live music was responsible for generating £62.7m of royalties, an increase of 683% (£54.7m) on the pandemic-hit 2021 and 16.1% up on 2019. More than 128,000 live events were reported to PRS across the year in the UK, including major tours from the likes of Dua Lipa, Ed Sheeran, Little Mix, N-Dubz, The Cure and the Rolling Stones.
“In 2021, PRS for Music set out its vision to pay out over £1 billion in royalties within the next five years,” says PRS CEO Andrea Czapary Martin. “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.”
“LIVE continues to champion our sector, and recognises that not all parts of the live music value chain have experienced the same rebound”
PRS also launched its Back to Live Music Venue Prize competition in 2022, which saw six independent music venues across England, Northern Ireland, Scotland and Wales awarded a total of £60,000 of financial support to improve live music experiences for performers and for the local communities they serve.
“Today’s PRS for Music announcement reflects the UK’s love of live music from our talented artists and writers,” says a statement from LIVE, the trade body of the UK live music business. “LIVE continues to champion our sector, and recognises that not all parts of the live music value chain have experienced the same rebound.
“We will continue to work with government and other stakeholders to ensure that the whole live music ecosystem can grow sustainably and uphold the UK’s reputation as a leader in the music industry. Our own report Valuing Live Music will build on this work to explore the dynamics underneath the headlines and highlight the difficulties and successes of the sector.”
Elsewhere, PRS says the European market grew 7.5% (£10.4m) in 2022 to £148.3m, predominantly due to the recovery in live touring – particularly those using PRS’s Major Live Concert Service including Coldplay, Iron Maiden and Sting.
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