PRS for Music is extending its partnership with cloud computing service Oracle.
The music royalty distributor has moved its royalty payment database to Oracle Exadata Database Service on Oracle Cloud Infrastructure (OCI), which it says has accelerated payments to its 165,000 members.
PRS for Music is the first collecting society in the world to have migrated its data processing systems to OCI. It attributes the move as “instrumental” in hitting a record-breaking £836m of royalties in 2022.
In the third quarter of 2023, PRS for Music broke its quarterly payout record, distributing £239m.
The society has previously promised to be distributing more than £1bn in royalities annually by 2026.
“Working with Oracle to migrate our distribution systems to the cloud was a seismic shift in infrastructure for PRS for Music, and a landmark moment in our industry,” said Mark Krajewski, Managing Director, Strategic Alliances and Chief Information Officer of PRS for Music.
“Exadata Database Service on OCI has been a catalyst for our ambitious data strategy, and with cutting-edge technologies in place we can continue to pioneer new activities to define the future of music royalty management.
“We have more control over our data than ever before, allowing for better data-driven decision making and greater speed, transparency, and accuracy in royalty distributions.”