PPL Records Highest Income
PPL, a collective organization of the UK management (CMO) for performers and recording rulers, recorded the highest income in its 90-year history in 2024.
Revenue for the year has grown 6% in annual calculus to GBP 301 million pounds (384.4 million US dollars according to the average exchange rate for 2024) from the previous record of £ 283.5 million ($ 352.6 million), established in 2023.
Growth in Payments and Revenue
“2024 was another strong year for PPL as we increased revenue from licensing in all directions. These iconic collections in our 90th year are the result of the constant efforts of our team to ensure that the talent and investments of our members are adequately rewarded when their music is broadcast or played in public places,” PPL CEO Peter Litim said on Wednesday (March 26), OBE.
In 2024, PPL distributed payments to more than 172,000 performers and record rulers, with 19,300 receiving royalties through PPL or indirectly through other CMOs for the first time.
Only in the fourth quarter, PPL paid 45.3 million pounds (57.9 million dollars) to 137,000 contractors and record ancestors, the previous announcement stated.
PPL noted that revenue growth occurred as “British companies continue to invest in music and international collections return to growth.”
Income from public performance covering music licensing in places such as shops, bars, restaurants, sports halls, offices, and warehouses grew 9% year to 121.4 million pounds (155 million dollars). PPL attributed this increase to licensing more than 400,000 venues through Leicester’s PPL PRS Ltd, a joint venture between the organization and PRS for Music, which represents composers, songwriters, and music publishers.
PPL also highlighted the growth of income from public performances as enterprises invest in music to enhance customer and employee experiences. These enterprises include Amazon, B&Q, British Airways, DHL, Marks & Spencer, Oliver Bonas, Sofology, and Travelodge.
Recent polls conducted by PPL PRS revealed that 82.3% of workers prefer jobs where music is played, and over 70% stated that background music makes them feel more engaged with their company.
International Collections and Future Initiatives
The fitness sector saw a 8% increase in revenue, alongside a 4.1% year growth in registered members of UK gyms, totaling 10.7 million in 2024. Licensing of music in offices and factories also saw an 8% increase. The field continued to benefit from the Specially Presented Entertainment rate, covering the recorded music in DJs and entertainment venues, contributing to increased profits for performers and recording artists, according to PPL.
“More and more performers and recording rulers choose PPL for international collections since we continue to achieve positive results thanks to our collaborative approach with partners around the world.”
Peter Litim OBE, PPL
Meanwhile, international income jumped 7% year in 2024, reaching 81 million pounds (103.4 million dollars). PPL has expanded its global coverage with 113 licensing agreements across 52 countries, covering over 95% of the market in neighboring rights by value.
The organization has also added new royalty collections from developing markets, such as India and Azerbaijan, and resolved long-standing disputes in collections in Canada and Sweden.
PPL reported that it signed “hundreds” of transactions in 2024 with both renowned and emerging artists, including ICEPICE, Kenya Grace, Lewis Capaldi, Last Party, Yoko it, and the estate of John Lennon.
“More and more performers and recording rulers choose PPL for international collections as we continue to deliver positive outcomes through our collaborative approach with partners worldwide, helping our members expedite collections and payments,” Litim stated.
In addition, revenue from licensing and online licensing grew 2% year to 98.6 million pounds (125.9 million dollars). This segment includes licensing for both linear and on-demand television services, as well as radio and online stations in the UK.
In 2024, PPL signed a new multi-security web broadcast agreement with Diser for a multi-channel Sonos Radio service covering the UK and six other European territories. PPL reported that it is now licensing 1,200 online web service platforms.
Additionally, last year, PPL launched an initiative called PPL Gives, allocating 1 million pounds annually to support and invest in the future of music in the UK.
Speaking with MBW in December, Litim stated: “PPL’s position in the music industry has evolved significantly. This is a sign that things are headed in the right direction; we have become a respected and valued organization, central to the music industry.”
UK collection org PPL’s 2024 revenue jumps 6% to record $384M
