Music licensing company PPL are in a celebratory mood having announced record breaking results for 2016, with annual turnover breaking the £200 million mark.
CEO Peter Leathem says the burgeoning global market and growing number of businesses paying for music are the key drivers behind its record-breaking 2016 performance.
PPL’s annual revenue for 2016 reached £212.1 million, up £15.1m (8%) on 2015, whilst also achieving a record net distributable revenue, after all costs and deductions, of £178.9 million.
It was the company’s international collections, however, that experienced the most significant increase, with revenues up 32% from £36.7m to £48.3m. The figures were also boosted by the current exchange rate of the pound.
“There are now more countries getting rights and more money being collected around the world, so there is a growing sector to collect money from, which is a good, positive thing,” Leathem told Music Week. “You hope to see growth, given that the world is still growing.”
In addition, Leathem hailed the quality of the UK’s current musical output as central to PPL’s stellar 2016. Last year saw 83,102 performers and 9,589 recording rights holders receive a PPL payment – an increase of 30%.
PPL grew its broadcast licensing revenue by 2% year-on-year to £77.4m, while collections from public performance and dubbing also increased 2% to £86.4m.
PPL have also announced they will be teaming up with PRS for Music to launch a new public performance licensing company called PPL PRS in Leicester.
Based in Mercury Place, the move is expected to create more than 100 jobs and employing 200 staff in total – including some posts relocating from London – when it launches in the second half of this year.