PRS for Music reveals its payouts grew 8.1% to £1.02bn in 2024

UK collecting society PRS for Music has announced its distribution figures for 2024. It paid out £1.02bn to rightsholders last year, up 8.1% year-on-year. This was based on the society increasing its revenues by 6.1% to £1.15bn.

This is all meaningful because PRS for Music had previously set a deadline of 2026 to reach £1bn of annual payouts. It noted that online royalty collections grew by 9% to £401.2m last year including a 180% boost for revenues from the games industry. A Sony PlayStation deal was key to that.

Meanwhile, PRS for Music’s international revenues in 2024 were £351.4m, up 3.6% year-on-year, and its public performance collections were up 14% to £287.3m. The cloud on the horizon – as for many music-industry figures at the moment – is a slowdown in growth. In 2023, PRS collections grew by 12% and payouts by 12.8%.