THE NEW joint venture between performance royalty collection body PRS For Music and recorded music licensing organisation PPL (Phonographic Performance Ltd) has introduced a single licence to cover the two sectors.
Based in Leicester, PPL PRS Ltd will issue TheMusicLicence to replace those previously granted individually by PRS and PPL, and expects to collect a combined £300 million per year.
PPL CEO Peter Leathem says the joint venture between the collection societies has seen the creation of one of the biggest companies in the music business, one that will generate on average, £1m every working day from live music events to restaurants, offices and factories.
“The creation of the new company will not only simplify the licensing process for our customers but it will also make our operations even more efficient, resulting in increased revenue for our members,” he says.
In 2016 almost £270 million was generated by PPL and PRS through the licensing of live and recorded music. PRS collects on behalf of composers and music publishers, while PPL collects on behalf of recording artistes and labels.