PPL reports on record revenues at 2024 Annual General Meeting

PPL’s recording rightsholder members convened in London on 17 June for the 2024 Annual General Meeting, where Chief Executive Officer Peter Leathem OBE highlighted another year of financial success and strategic advancement.

Record-breaking revenue

At £283.5 million, PPL’s 2023 revenues mark the highest in the organization’s 90-year history. This achievement follows a year of growth across all sectors of UK licensing activity. Chris Barton, PPL’s Chief Financial Officer, emphasised the significance of this milestone, noting that the 2023 results “represent a high-point over the recent period,” demonstrating substantial growth from the impact of the COVID-19 pandemic recovery in 2022.

Sectoral growth

The public performance licensing segment saw a notable 11% increase year-on-year, totalling £111.7 million. Revenues from recorded music licensing for radio, TV, and online platforms also rose by 3%, reaching £96.4 million. International revenue reached £75.4 million, reflecting PPL’s comprehensive reach in global markets.

International expansion

PPL reinforced its position as the largest international collector of neighbouring rights revenue, covering 95% of the market by value. With 111 agreements in more than 50 countries, including new partnerships with ISAMRA in India and RAYS in Azerbaijan, PPL continued to expand its global footprint. The organisation’s increase in international mandates underscores its competitive edge in a dynamic global marketplace.

Business Services advancement

Continuing its commitment to operational excellence, PPL provided essential back-office services to six international Collective Management Organizations (CMOs). Services included data matching with the PPL Repertoire Database and distribution calculation, enhancing the efficiency and revenue potential of partner organisations.

Strategic leadership and recognition

Chair John Smith OBE commemorated PPL’s 90th anniversary by reflecting on pivotal moments in the organisation’s history. Chief Operating Officer Christine Geissmar highlighted the substantial growth in public performance revenue overseen by PPL PRS. Chief Membership & People Officer Kate Reilly celebrated the exceptional performance of the Member Services team and reaffirmed PPL’s dedication to inclusivity and diversity in the workplace.

Board re-elections and milestone achievements

The meeting included the re-election of Joy Ellington (VP Records), Nick Hartley (PIAS), and Peter Leathem OBE (PPL) to the PPL Board of Directors. The event concluded with the presentation of PPL’s annual Most Played Artist and Most Played Song charts, with Ed Sheeran and Miley Cyrus’s “Flowers” taking top honours this year.

For further insights into PPL’s financial results and operational highlights, refer to PPL’s comprehensive 2023 Annual Review.