UK music licensing firm PPL reports 2021 revenue of $347.7m, up 12% year-on-year
UK music licensing company PPL reported revenue of £252.8m ($347.7m) for 2021, up 12%, or £27.1m ($37.27m). dollars) year-on-year.
The company’s results for 2021 mark its second-highest annual revenue total, having collected £271.8million in 2019.
PPL reports that it saw year-over-year growth across all three revenue streams in 2021, including International, Broadcast & Online, and Public Performance & Dubbing1, with revenues of international and broadcast and online licenses reaching record annual amounts.
A closer look at PPL’s results for 2021 reveals that the company collected international revenue of £94m ($129m) last year, or £8.1m ($11.14m). dollars) more than in 2020, and up 9.4% year-on-year.
This is PPL’s highest annual revenue amount since international fundraising began in 2006.
PPL has entered into 105 agreements with collective management organizations (CMOs) in Africa, Asia, Europe and North and South America and, in 2021, entered into new agreements with CMOs in India and Indonesia.
The company says a number of CMOs accelerated or advanced payments in 2021, to support performers and recording rights holders impacted by COVID-19, which it says further contributed to the amount of payments. 2021 international income.
Elsewhere, online broadcast and licensing revenue rose 5.3% year-on-year, or £4.4m ($6m), to a record annual total of £86.7m. sterling ($119.25 million) in 2021.
According to PPL, this reflects the recovery of advertising revenue from the commercial radio sector in 2021, whose license fees are calculated as a share of each station’s revenue.
PPL’s public performance and dubbing revenue (from live music playing in venues such as pubs, bars, clubs, shops and offices) increased by £14.6 million ( $20 million) to reach £72.1 million ($99 million) in 2021, up 25.4% YoY.
While PPL licensees have been able to trade more freely than in 2020 thanks to the easing of COVID-19 restrictions, revenues have yet to return to their pre-pandemic level of 99.6 million of pounds sterling.
Meanwhile, PPL reports that its distributions fell 15.2% year-on-year, or £31.5 million ($43.3 million), to £228.7 million (314. $5 million) in 2021, due to the impact of the pandemic on 2020 collections.
The music licensing company, however, says it paid a record number of performers and recording rights holders, with 147,000 performers and rights holders receiving at least one payment in 2021, an increase of 35,000. (31.3%) compared to 2020.
“Being able to deliver this in the midst of the COVID-19 pandemic, with all its negative impact on the economy, is a testament to the strength of PPL’s business.”
Peter Leathem, Managing Director of PPL, said: “2021 has been a good year for PPL. We achieved our second-highest annual revenue total and had our best year for both international revenue and broadcast and online revenue.
“Being able to deliver this in the midst of the COVID-19 pandemic, with all its negative impact on the economy, is a testament to the strength of PPL’s business.
Leathem added: “PPL now pays more than three times as much to performers and recording rights holders as it did a decade ago when I became CEO and receives nearly double the revenue.
“We collect more international neighboring rights royalties than anyone else, and PPL PRS Ltd, our public performance licensing joint venture with PRS for Music, launched in 2018, is streamlining the collection of public performance royalties.
“PPL has been able to achieve such successful growth thanks to the talented and dedicated team I have with me at PPL. Thank you to our members, licensees and industry partners for working with us and we look forward to continuing to grow the neighboring rights industry for the benefit of performers and recording rights owners.The music industry around the world