Revenue from live music events down 80%, says PRS report
Monday, April 26, 2021
Total revenues have fallen by 19.7%, prompting PRS for Music to warn of a difficult year ahead
PRS for Music, the organisation that represents the rights of songwriters, composers and music publishers, distributed £699.4m to its members in 2020 - a year-on-year increase of 2% (£13.4m).
While distributions in 2020 were positive overall, many of the royalties paid out last year were collected before the first lockdown. This suggests that a sharp decline in income will be felt by music creators through 2021 and beyond, with distributions expected to fall by at least 10%.
Overall, revenues collected from music being played in the UK and worldwide shrank by 19.7% (£159.9m) compared to 2019 to £650.5m, eradicating years of record growth.
Revenue generated from live performances of music represented the greatest percentage decline in 2020, falling by 79.1% (£42.7m) from £54m in 2019, to just £11.3m in 2020.
Andrea Czapary Martin, CEO of PRS for Music, said: 'Composers and songwriters have relied more than ever on their PRS royalties in 2020. The increased distributions announced today, set against the most challenging of years, represents a significant achievement for PRS for Music.
The increase, driven by growth in online revenues, cannot alone negate the immense loss of income and harm on the whole music industry, and the livelihoods of those within it, in 2020. This year will be similarly challenging, as the dramatic fall in revenues during the last year will be reflected in declining distributions throughout 2021.
As we look forward, reopening of the live sector must be a priority, while the repercussions of Brexit will become clearer through new limitations on touring outside of the UK.
Music has played an invaluable role for many of us throughout periods of isolation, providing entertainment, escapism, and connection. We must not overlook the talented writers and composers behind the music we turn to. I am immensely proud of the PRS Emergency Relief Fund, paying out £2.2m in grants to members experiencing severe financial hardship because of the pandemic, and we will continue to do as much as we possibly can to support them.'
