The U.K. collecting society took in a record high £964 million, driven by recovery from the pandemic and digital gains.
Even by those standards, PRS’ results are impressive, although currency fluctuations and differences in accounting make exact comparisons between international collecting societies difficult. And it is rare to see a cost ratio below 10% for a society that collects for publishers and songwriters. PRS says it hit its goal to get its cost ratio below 10% four years ahead of its five-year plan.
“I run this like a commercial company, except we’re owned by the members and profits are distributed to our members,” says Martin, who joined PRS in mid-2019. Martin, a newcomer to the music business, worked for a variety of data- and subscription-focused businesses, including Reader’s Digest Association and the U.K. Royal Mail. “My background,” she says, “is in tech and data.”
Other highlights of 2022 include new and renewed licenses — “better agreements and new agreements,” Martin says. Revenue from video-on-demand services rose 16.5%, while that of linear television declined 2.4% and commercial radio, driven by advertising, grew 2.6%. “A TikTok agreement paid out last year,” Martin says, “and we doubled video game royalties.”
ICE, the Berlin-based music licensing hub that PRS owns as a joint venture with GEMA and Sweden’s STIM, is also “helping PRS immensely,” Martin says. “ICE is the biggest growth opportunity for PRS.” Expansion elsewhere is also a priority, Martin says, including in Africa. PRS, like most of its sister societies, has a monopoly over U.K. collections — at concert venues, bars and restaurants, for example. Starting a few years ago, though, it also competes to represent composers and publishers online, to streaming services. ICE gives PRS the reach and resources to compete with SACEM. And PRS’ push toward efficiency gives it a solid competitive position.
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