Rights management organisation PRS for Music collected a record £946m in royalties in 2022.
The result is equivalent to a 22.9% year-on-year increase and a 18.9% increase on its previous high of £810m, achieved in 2019.
The organisation paid out £836.2m in royalties in 2022, a 23.5% increase on the year prior.
Its quarterly distribution in October was in excess of £211m, the largest single distribution in the organisation’s 108-year history.
PRS for Music said the results indicate a “dramatic recovery following the global pandemic”.
CEO Andrea Czapary Martin added the organisation is “accelerating progress towards and beyond” a vision of paying out over £1 billion in royalties within the next five years.
“Through our ambitious licencing strategy and utilising our joint ventures we have maximised the value of members works at every opportunity,” Czapary Martin said.
“While our investment in new technologies and services means we can pay out royalties more quickly and accurately, delivering the best possible service to members at a market leading low cost-to-income ratio.”