PRS for Music

We paid out an unprecedented £943.6 Million in royalties to songwriters, composers and music publishers in 2023 and collected a massive £1.08 billion in revenues, more than a 12% (£120.9 million) increase on 2022. Our cost-to-income ratio fell to a new low of just 9.2%, down from 9.3% the previous year. This important measure shows that our targeted investments in people, technologies and services, are delivering significant returns on investment for members. Our CEO Andrea C. Martin, ICD.D said of the results: 'Our remarkable performance in 2023 is a testament to the team’s hard work behind the scenes of the music industry. We're not just surpassing financial milestones at the lowest cost-to-income ratio amongst our peers; we're orchestrating a significant shift in the music business. My vision to ascend to a billion-pound society in royalties paid out isn't just a goal—it reflects our commitment to music creators worldwide. With our focus on innovation and strategic partnerships, including the recent pioneering Project Nexus, we're shaping the future of our business and redefining how rights are managed globally. For 110 years we have existed to ensure that every music creator receives fair compensation for their artistry, wherever and whenever their music is played.' See the full results: https://lnkd.in/eYZjMgnw

The #PRSAGM is just around the corner, it’s a chance to hear what we are doing to support members and their chance to ask questions and vote on the proposed resolutions, including the changes to the PRS Members’ Council. Here’s a short video outlining some of the changes we're proposing at this year’s AGM to fine tune the way we work and give members more say in how PRS is run. Principal Voting and Voting members can RSVP and appoint a proxy until 3pm on 31 May 2024 at prsformusic.com/agm

We're at #MusicBiz2024 in Nashville this week to share how we are driving solutions to fix global metadata issues and protect music rights. Mark Krajewski, our Managing Director, Strategic Alliances and Chief Information Officer will join Susan Butler, Declan Rudden and Kim Beauchamp for a keynote session exploring in development solutions to global music industry metadata challenges. John Mottram, our Chief Strategy, Communications & Public Affairs Officer will be joined by Susan Butler, Emily Stephenson and Maurice Russell discussing the increasing importance of music rights protection and the robust anti-fraud frameworks and regulations that are in place to ensure the protection of music rights. Do join us at these sessions taking place on Wednesday 15 May - for the full programme of events see https://lnkd.in/dqsKYGgQ #MetadataSummit

Our business development manager Sophie Elliott Sheen & senior acquisitions manager Kerryn Hill will be at The Media Production & Technology Show next week sharing insights into the world of music licensing. Find out more at: https://lnkd.in/eMZCisDc #MPTS2024

🗳️ Calling all PRS members - Your Vote Matters Voting members - today is your last chance to vote for who you want to represent your interests on the Members’ Council – the voice of the PRS Community. Voting closes at 5pm today. https://lnkd.in/eYEsytrc #PRSAGM

Our Chief Strategy, Communications & Public Affairs Officer John Mottram shared his view on AI with Music Business Worldwide (MBW), emphasising the urgent need for a comprehensive framework to ensure the safe development of artificial intelligence (AI). John affirms our view that rather than being an aspiration, establishing such a framework is a necessity. The article delves into the complexities surrounding AI development and highlights the potential risks and ethical considerations involved. He calls for a collaborative effort among policymakers, industry leaders, and AI developers to prioritise safety and accountability in AI innovation. Read the full article at: https://lnkd.in/d5DF2xdw

Congratulations to our CEO Andrea C. Martin, ICD.D, named on this year's Billboard International Power Players list 🌟 https://lnkd.in/ettnS54r

Last month we hosted PRS Connects: Succeeding in Sync, offering valuable information, tips and advice on all things sync for PRS members, from how to stand out to music supervisors to knowing your rights. Here's some of the top tips from our expert panelists: Nainita Desai, Swindle, Phrased Differently's Sync and Marketing Manager Charlotte Day, PRS for Music's Business Development Manager Sophie Elliott Sheen and music executive Amy Ho. Keep an eye on our events page to see our upcoming events throughout the year. https://lnkd.in/gqh229Yq #PRSConnects

In our 110th year, looking forward and responding to the changes around us is vital. Last week, we held our annual PRS staff conference, a unique day bringing the entire PRS team together to learn, innovate and focus on our collective goals. Kicking off with an inspiring keynote from leadership transformation expert John Amaechi OBE. We’re delighted John’s talk has resonated with so many in the PRS team, everyone is still talking about it. Thank you, John! We were also joined by award winning songwriter Miranda Cooper and composer Hannah V, who sat down with Michelle Escoffery to discuss their career journeys to date and sharing some of their working insight on why they choose PRS for Music to represent their rights. We were delighted to invite partners including Microsoft's Modern Work Specialist Liam Cox and EY's Julie McGourty to highlight how AI can drive efficiency and productivity across everyday business activities. Something we are rapidly progressing at PRS. Our thanks also to Dan Chalmers & Sarah Nichols from YouTube Music for sharing their insights and plans for songwriters, DAACI for bringing a live demo of their AI tool that aims to help music creators with their processes and frog’s Ross Landles for discussing how transformative AI can be in business. Other sessions included Bird & Bird's Louise O'Hara and Phil Sherrell discussing AI and Copyright, and PPL PRS Ltd's Andrea Gray and Greg Aiello CMgr FCMI sharing the latest updates from our joint venture. These insightful and thought-provoking sessions bring a fresh take on these areas directly to the teams whose responsibility it is to develop and deliver new tools and services to PRS’s members and customers. The conference also sees our CEO Andrea C. Martin, ICD.D present awards to members of the PRS team for their incredible impact at PRS and beyond. All of them representing the values PRS thrives on, collaboration, pioneering, customer first, inclusive and integrity. Congratulations to all of this years award recipients. Finally, a big thank you to the PRS team who worked tirelessly to plan, create, and deliver a successful day for everyone at PRS. Their efforts created a truly remarkable and collaborative day ensuring PRS continues to lead change. #LifeAtPRS #PRSforMusic

Yesterday, Black Lives in Music (BLiM) launched their YourSafetyYourSay survey on Bullying and Harassment in the music industry. This important data will help shape legislation and industry standards to eliminate discrimination. Join the conversation and fill out the survey today: BLIM.ORG.UK/CHANGE #BLiM #YourSafetyYourSay