PRS: an overview
PRS for Music represents the rights of songwriters, composers and music publishers in the UK and around the world. As a membership organisation, we work to ensure that creators are paid whenever their musical compositions and songs are streamed, downloaded, broadcast, performed and played in public. In 2020, 22.4 trillion performances of music were reported to PRS for Music, with £650.5m collected on behalf of its members, making it one of the world’s leading music collective management organisations. We believe that we can become a £1bn organisation within the next few years.
Profound changes are happening across our sphere of operation. Major new organisations – particularly linear TV and other digital service providers – are looking to innovate on a global basis, and the recovery from the pandemic is a challenging process for everyone. As the largest CMO in terms of collections, we want to remain at the vanguard of intellectual innovation, commercial success and operational effectiveness in the coming years.
We know that strategic partnering is a critically important part of the way forward, and we have been instrumental in the establishment of several significant UK, European and global partnerships. Since 2018, a joint venture between PPL and PRS for Music has undertaken public performance licensing on behalf of both CMOs. We work with partners and other organisations to create a supportive environment for music makers and an efficient network for licensing music.
Soon after Andrea C Martin joined us as CEO in 2019, we recognised that a new governance structure was required in order to become more flexible, more fleet-of-foot in our decision-making process and more cost-effective. Approved at the AGM in August 2020, the new governance arrangements include a refocused committee reporting structures, thus giving greater time to focus on strategic issues. A key objective of the new governance arrangement was improved diversity on the Board, and a focus on greater diversity (in all aspects) is a priority of this recruitment process.