British collecting society PRS for Music has published its annual financial results, revealing that its revenues grew by 22.4% to £777.1m ($989.6m) in 2021. That’s a good bounceback from the initial hit of Covid-19 in 2020, although still below the $810.8m posted in 2019.
The highlight in 2021 was online music royalties, with those collections up 45.6% year-on-year to £267.8m – including £225.5m from streaming services.
The pandemic is still having an adverse impact on live revenues though: PRS’s collections from live fell by 29.2% to just £8m – down 85.2% from the pre-Covid 2019.
PRS for Music CEO Andrea Czapary Martin is the guest in our latest Music Ally Focus podcast, published this morning, in which she talks about the financials, as well as how she sees the future of music usage – including new opportunities like the metaverse. Listen – or get links to listen on your preferred platform – here.
Music Ally’s next Learn Live webinar will help you understand what’s required for artists to thrive in new international markets!