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PRS Breaks the Billion-Pound Barrier as Revenue Rises 12%
The UK CMP PRS for Music announced that in 2023 it took in £1.08 billion ($1.34 billion), breaking the billion-pound barrier with a 12% increase.
As the subscription streaming music model raises public performance royalties, the big collective management organizations are seeing their best years ever. “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. Although it’s hard to compare CMOs directly, PRS has had some strong years, and its cost to income ratio is enviable.
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