Phonographic Performance Ltd has unveiled best-ever financial results.
The U.K. collecting society, which licenses sound recordings for the country’s record labels and performers, reported license fee income of £97.9 million ($193 million) in 2006, up 13% from the previous year.
At the same time, distributable net revenue rose by 11.8% to £84.4 million ($166.7 million).
“Our excellent results for 2006 are clearly beneficial to all our constituents,” comments Fran Nevrkla, chairman and CEO of PPL and VPL, in a statement. “New business opportunities are emerging in new media as well as in the traditional business environment, especially public performance.”
Over the course of the year, public performance revenues reached an all-time high of £39.2 million ($77.4 million), up 17%.
International income reached £6 million ($11.8 million), double the figure from 2005. Just five years ago, the society drew no revenue from international sources.
Broadcast and dubbing income improved 3% to £52.7 million ($104.1 million).
PPL will present the results at its annual general meeting June 6 at the British Museum in London. Lord Winston, emeritus professor of fertility studies at Imperial College, will be guest speaker at the event.
Earlier this year, PPL completed its merger with PAMRA and AURA, creating a new body which it described as the “most fundamental change” in its seventy-three-year history.
PPL represents about 3,500 record companies, and now collects and pays out on behalf of about 40,000 performers.