PPL CEO reports record breaking revenues
At its annual general meeting on Monday 19 June, PPL’s Chief Executive Officer reported record revenues, reflecting a strong overall performance in 2022.
The company’s recording rightsholder members gathered in London to hear Peter Leathem OBE report on a year of record-breaking collections, the highest number of recording rightsholders and performers ever paid in a year, and more international agreements in place than ever before.
At £272.6 million, PPL’s 2022 revenues are the highest in the organisation’s 89-year history. The strong results have surpassed pre-pandemic levels and amount to a year-on-year increase of 7.8%. PPL now generates almost £100 million more per year than 10 years ago.
The main area of growth in 2022 was in UK licensing, which delivered a combined total of £194.8 million – a 22.7% increase on 2021. Revenues in international collections totalled £77.8 million. More than 165,000 performers and recording rightsholders received at least one payment from PPL in 2022 – another record total, and a rise of 12.6% year-on-year.
The meeting also included addresses and presentations from Chair John Smith OBE, Chief Financial Officer Chris Barton, Chief Membership & People Officer Kate Reilly, and Director of Music Industry Engagement Natalie Wade.
Members were updated on two of PPL’s key priorities – its sustainability report, which sets out how the company will work towards net zero, and its five-year equity, diversity, and inclusion plan, which was launched in June 2022.
The meeting’s formal business included the re-election of Soriya Clayton (Demon Music Group), Charlotte Saxe (Warner Music) and the Rt. Hon Lord Smith of Finsbury as PPL Board Directors.
The meeting concluded with the presentation of PPL’s annual Most Played Artist and Most Played Song charts, which were won this year by Ed Sheeran and Harry Styles’ As It Was respectively.
Further details of the company’s financial results can be found in PPL’s Annual Review 2022.