PPL, the UK’s collective management organization (CMO) for performers and recording rightsholders, saw its revenue for 2025 rise 4.75% YoY to GBP £315.3 million (USD $415 million at the average exchange rate for 2025).

That’s according to its latest report published Tuesday (April 14).

The company previously reported in December that it had paid a total of £277.7 million ($365.9m) to performers and recording rightsholders in 2025.

Peter Leathem OBE, CEO of PPL, said: “2025 was a strong year that saw our international business turn 20 and deliver more than £1 billion in revenue since its inception. These results demonstrate solid overall growth, driven by the continued strength of our international business and the resilience of our core licensing revenues.”

PPL, which licenses recorded music when it is broadcast on TV and radio or played in public spaces across the UK, said net revenue after operating costs and other deductions stood at £273.0 million ($360m), while the cost-to-revenue ratio fell to 13.1% from 13.2% in 2024.

In 2025, PPL paid royalties to more than 182,000 performers and recording rightsholders, including 16,000 who received payments for the first time.

“2025 was a strong year that saw our international business turn 20 and deliver more than £1 billion in revenue since its inception.”

Peter Leathem OBE, PPL

Meanwhile, international revenue rose 16% YoY to £94.0 million ($124m), with international recording rightsholder collections reaching £10.8 million ($14m), the highest figure in PPL’s history.

The milestone comes as PPL marks 20 years since launching its international arm, having now collected more than £1 billion ($1.4b) in international revenue over that period, with collections nearly doubling in the past decade alone.

PPL says it currently holds 117 agreements with collective management organizations across 55 countries, covering more than 95% of the neighboring rights market by value. Argentina was added to the portfolio in 2025, and the organization’s Q1 2026 distribution included the first payments from Argentine CMO CAPIF.

The organization attributed the growth in its international segment to an increase in newly represented performers, new revenue streams, operational improvements, continued investment in data and technology, and favorable exchange rates.

In 2025, PPL said it signed “hundreds of new mandates” with established and emerging artists including Mariah Carey, Charli xcx, Alex Warren and Myles Smith. The organization also retained over 99% of its existing mandates, renewing agreements with artists including Lola Young and Sigala.

Leathem said: “More performers and recording rightsholders are choosing PPL to represent them, and our teams work tirelessly to maximize royalty collections for our members and ensure that they are paid the royalties they are due as efficiently as possible.”

“For many, these payments play an important role in supporting their livelihoods and recognizing the value of their talent and investment. PPL’s vision is to be the first choice globally for neighbouring rights and lead the way in innovation and collaboration in the global ecosystem for the benefit of creators worldwide.”

“PPL’s vision is to be the first choice globally for neighbouring rights and lead the way in innovation and collaboration in the global ecosystem for the benefit of creators worldwide.”

Peter Leathem OBE, PPL

Elsewhere in PPL’s 2025 report, the organization said public performance revenue, which covers licensing of recorded music in venues such as shops, bars, restaurants, gyms and offices, grew 1% YoY to £122.9 million ($162m).

PPL says the modest growth came against a challenging economic backdrop and increased churn in some key licensing sectors including hospitality, where the number of operating UK pubs declined during the year.

Within the segment, fitness venues posted 5.6% YoY revenue growth, suggesting continued momentum in gym memberships, while income from small businesses rose 7.2% as more employers invested in workplace music licensing. A new jukebox tariff introduced midway through 2025 drove a 22% YoY jump in jukebox revenue in the second half.

Meanwhile, broadcast and online licensing revenue held flat at £98.5 million ($130m) from £98.6 million in 2024. This segment covers linear and on-demand TV services, as well as radio and online stations broadcasting in the UK.

PPL signed new deals with BBC Studios, UKTV and TNT Sports in 2025.

Q1 2026

PPL also reported Q1 2026 figures.

The organization said it distributed £77.7 million ($102m) to over 28,000 performers and recording rightsholders in the UK and overseas. The money came from collections in the latter part of 2025 and the first few months of 2026, said PPL.

The figure also reflected revenue from VPL, PPL’s sister company, which licenses music videos when they are played in public or broadcast on TV.

In Q4 2025, PPL reported royalty distributions of £54.3 million ($72m), up from £45.3 million ($60m) in the same period a year earlier.

All GBP-USD conversions made at the average annual exchange rate for 2025 rate as published by the IRS.

Music Business Worldwide