PPL, the UK’s collective management organization (CMO) for performers and recording rightsholders, recorded the highest revenue in its 90-year history in 2024.
Revenue for the year rose 6% year-on-year to GBP £301 million (USD $384.4 million at the average exchange rate for 2024) from the previous record of £283.5 million ($352.6 million) set in 2023.
“2024 was another strong year for PPL as we grew licensing revenue across the board. These landmark collections in our 90th year are a result of our team’s consistent efforts to ensure our members’ talent and investment is fairly rewarded when their music is broadcast or played in public spaces,” PPL CEO Peter Leathem OBE said in a release on Wednesday (March 26).
In 2024, PPL distributed payments to over 172,000 performers and recording rightsholders, with 19,300 receiving royalties through PPL or indirectly through other CMOs for the first time.
In the fourth quarter alone, PPL paid out £45.3 million ($57.9 million) to over 137,000 performers and recording rightsholders, the CMO said in an earlier announcement.
PPL said the growth in revenue came as “UK businesses continue to invest in music and international collections return to growth.”
Revenue from public performances, which cover music licensing in venues like shops, bars, restaurants, gyms, offices, and warehouses, grew 9% YoY to £121.4 million ($155 million). PPL said the increase reflects the licensing of more than 400,000 venues through Leicester-based PPL PRS Ltd, a joint venture between the organization and PRS for Music, which represents composers, songwriters and music publishers.
PPL also attributed the growth in public performance revenue to businesses investing in music to help boost revenue and enhance customer and employee experience. These businesses include Amazon, B&Q, British Airways, DHL, Marks & Spencer, Oliver Bonas, Sofology and Travelodge, it said.
The organization noted sector-specific growth across various industries. Recent surveys by PPL PRS found that 82.3% of workers prefer workplaces that play music, and over 70% report feeling more engaged in businesses with background music.
The fitness sector saw an 8% revenue increase amid 4.1% YoY growth in the UK’s registered gym members to 10.7 million in 2024. Office and factory music licensing also grew 8%. Additionally, the revised Specially Featured Entertainment tariff, covering recorded music in DJ sets and entertainment venues, continued to drive increased returns for performers and recording rightsholders, PPL noted.
“More and more performers and recording rightsholders are choosing PPL for international collections, as we continue to produce positive results through our collaborative approach with partners around the world.”
Peter Leathem OBE, PPL
Meanwhile, international revenue jumped 7% YoY in 2024 to £81 million ($103.4 million). PPL says it has expanded its global reach with 113 licensing agreements across 52 countries that cover more than 95% of the neighboring rights market by value.
The organization added first-time royalty collections from emerging markets like India and Azerbaijan, and resolved long-standing collection disputes in markets such as Canada and Sweden.
PPL added it signed “hundreds” of deals in 2024 with established and emerging artists including Ice Spice, Kenya Grace, Lewis Capaldi, The Last Dinner Party, Yoko Ono and the estate of John Lennon.
“More and more performers and recording rightsholders are choosing PPL for international collections, as we continue to produce positive results through our collaborative approach with partners around the world, helping speed up collections and payments to our members,” Leathem said.
Elsewhere, broadcast and online licensing revenue grew 2% YoY to £98.6 million ($125.9 million). The segment included licensing for linear and on demand TV services, and radio and online stations broadcasting in the UK.
In 2024, PPL signed a new multi-territory webcast agreement with Deezer for the multi-channel Sonos Radio service covering the UK and six other European territories. PPL said it now licenses over 1,200 online webcast services.
Also last year, PPL launched an initiative called PPL Giving, earmarking £1 million annually to support and invest in the future of music in the UK.
Speaking to MBW in December, Leathem said, “PPL’s position in the music industry has transformed massively. That’s an indicator of things going in a good direction; we’ve become a well-respected, well-liked organization that’s central to the music industry.”
Music Business Worldwide
