If there’s a trend in the financial results of various collecting societies / performing rights organisations across the world, it’s of a welcome bounceback from the revenue hits of the lockdowns period of Covid-19.
PPL in the UK is the latest example, breaking its own records this morning with its financial results for 2022. The company generated revenues of £272.6m last year ($340.1m at current exchange rates) which represented year-on-year growth of 7.8%.
This included a big 39.8% uptick in revenues from the use of recorded music in public places to £100.8m. Significantly, that’s more than the £99.6m made from this source in the last full year before Covid-19.
Meanwhile, PPL’s revenues from radio, TV and online use of music grew by 8.4% to £94m.
One double-edged stat, though, is the fact that PPL paid more than 165,000 artists and recordings rightsholders in 2022 – up by 12.6% from 146,000 in 2021.
The sight of collections growing by 7.8% while the number of payees grows by 12.6% reinforces the sense of the royalties pie increasing slower than the number of mouths it has to feed.
Music Ally’s next Learn Live webinar will help you understand what’s required for artists to thrive in new international markets!