PPL announces record financial results3:34, 14th May 2019
Music licensing company PPL has announced that a record total of £246.8m for performers and recording rights holders was collected in 2018, an increase of £28m (13%) from 2017.
PPL’s revenue from the use of recorded music across licensed broadcast and online platforms grew from £79.9m in 2017 to £83.6m in 2018, an increase of £3.7m (5%). This growth in collections was due in part to the commercial radio sector seeing an increase in its advertising revenue, of which PPL receives a percentage as a licence fee. This year saw a number of licence deals with major TV broadcasters and TV programme distributors.
Public performance and dubbing income increased by £3m (3%) to £92.3m in 2018, up from £89.3m in 2017. Early in 2018 PPL transferred its public performance licensing operations to PPL PRS Ltd, a joint venture between PPL and PRS For Music to license the use of music in public places.
PPL’s international collections business grew by £21.3m (43%) to £70.9m, up from £49.6m in 2017 which follows sustained longer-term growth over recent years. PPL now has 92 agreements in place with collective management organisations around the world, allowing PPL to collect monies where its members’ repertoire is used overseas in the territories covered by those collective management organisations.
In 2018 PPL also distributed money to 105,192 performers and recording rights holders, the first time that PPL has ever paid over 100,000 individuals or companies in a single financial year.
Peter Leathem, CEO at PPL, said: ‘In 2019 we will continue to invest in our people, our technology and our data, and with further innovation will aim to deliver another year of high quality service to our members.’