22 March 2007
Record revenues as Alliance gears up for Europe
The MCPS-PRS Alliance has reported record revenues for performing and mechanical royalties during 2006 exceeding £545m (US$1.1bn; €0.8bn).
Revenue from the public performance and broadcast of music, collected by the Performing Right Society (PRS), was up by 7% to more than £335m. PRS broadcasting, public performance and international revenues were all strong in 2006 – for the first time all three exceeded £100m and all were up by more than 5% on 2005. PRS costs were down 4% (before costs incurred on the copyright tribunal), meaning that over £290m was paid to composers, songwriters and publisher members.
Mechanical royalties distributed by the Mechanical-Copyright Protection Society (MCPS) were £213m, unchanged from 2005 despite tough market conditions.
MCPS was significantly ahead of its budget targets in 2006, helped by new sources of revenue such as the AVP licensing scheme for non-music products (which brought in over £10m) and a new scheme for music-based quiz games.
The overall cost:revenue ratio of the Alliance fell in 2006 to just over 11%, demonstrating once again the significant lead the Alliance has over other European societies in cost efficiency.
Steve Porter, Managing Director of the MCPS-PRS Alliance said:
'These excellent financial results demonstrate the continuing strong demand for music. Our revenues were the best ever, enabling us to distribute more than £500m in royalties to our composer, songwriter and publisher members. Cost control remains strong and we continue to make significant progress in speeding the money through the system. The Alliance continues to forge ahead with its strategic pan-European licensing initiative and is playing a lead role in transforming the digital rights marketplace in Europe.’
-Ends-
| Distributions to members (gross): |
|
|
|
|
|
139.0 |
144.1 |
-4% |
|
|
73.6 |
68.9 |
7% |
|
|
212.6 |
213.0 |
0% |
| Commission and other income |
19.4 |
19.6 |
-1% |
| Less: costs |
(19.2) |
(19.0) |
1% |
| MCPS profit for the year |
0.2 |
0.6 |
- |
| Licensing revenue: |
|
|
|
|
|
121.8 |
114.3 |
7% |
|
|
104.3 |
99.1 |
5% |
|
|
109.9 |
101.7 |
8% |
| Total licensing revenue |
336.0 |
315.1 |
7% |
| Costs: |
|
|
|
|
|
(45.1) |
(47.1) |
4% |
|
|
(3.4) |
(1.0) |
- |
| Distributable income |
291.3 |
271.3 |
7% |
CONTACT: Contact: Dorota Nosowicz or Catherine George
Telephone:
020 7306 4777Email:
press@mcps-prs-alliance.co.uk
Notes to editors
• The figures reported in this press release are unaudited.
• The MCPS-PRS Alliance. MCPS and PRS are the not-for-profit UK collecting societies that ensure composers, songwriters and publishers are paid royalties when their music is used: from live performance to TV and radio, CDs to DVDs, downloads, streams and everything in between. Royalties create a future for music by supporting creators while they continue to write. MCPS and PRS are committed to delivering maximum royalties and world-class service. They work together in an operational alliance to get the best value for the music use of composers and songwriters everywhere. www.mcps-prs-alliance.co.uk