Financial summary

A strong year for revenue collections

2023 was a strong year for PPL, with growth in revenue across all areas of UK licensing activity.

Public performance and dubbing growth was particularly significant, increasing 11% year on year to £111.7 million.

Revenues from the licensing of recorded music for radio, TV and online increased to £96.4 million, up from £94.0 million in 2022.

International revenue reached £75.4 million, compared to £77.8 million in 2022.

Net distributable revenue grew by 5%, with the cost as a percentage of revenue reducing to 13% from 13.3% in the previous year, through a combination of growth in income and careful management of annual operating costs.

Supporting the wider industry

PPL continued to contribute to industry organisations that campaign, advocate for and lead anti-piracy efforts in music, including AIM and IMPALA (£132,590), BPI (£1,881,000), IFPI (£920,030), and UK Music (£688,000).

2023 also saw the formation of PPL Giving, a purpose-driven business strategy to support a broad range of initiatives which drive positive change across the music industry. The strategy is focused on supporting the development of musical talent, enabling new performance or employment opportunities, or providing artist welfare. £900,000 was committed to a variety of organisations spanning the UK (see PPL Giving for more information).