PPL Records Revenue Growth of 4.75% in 2025

UK music licensing organization PPL reported steady growth in 2025, with total revenue reaching £315.3 million ($425.94 million), up 4.75% year-on-year.

Snapshot:

• Net revenue came in at £273.0 million ($368.79 million), with improved efficiency as the cost-to-revenue ratio dipped slightly from 13.2% to 13.1%.

• The company paid more than 182,000 performers and recording rightsholders in 2025, including 16,000 first-time recipients.

International business gains:

• International revenue jumped 16% to £94.0 million ($126.98 million), a key growth driver.

• PPL hit a record £10.8 million ($14.59 million) in international collections for rightsholders.

• As per Digital Music News, the international growth was fueled by an “increase in newly represented performers, the development of new revenue streams” – such as a successful trial of international production music collections – “and operational improvements both at PPL and globally.”

Expanding artist reach:

• New mandates were signed with major and emerging artists including Mariah Carey and Charli xcx.

• PPL retained over 99% of existing clients, and renewed agreements with artists such as Lola Young and Sigala.

UK licensing stable:

• Public performance revenue and dubbing income rose 1% to £122.9 million ($166.02 million), despite economic challenges and issues in key licensing sectors, such as the declining number of UK pubs.

• Growth was supported by licensing across sectors like retail, aviation, and fitness.

• Fitness revenue grew 5.6% YoY, small business income rose 7.2%, and jukebox revenue jumped 22% in the second half of 2025 due to a new jukebox tariff.

Broadcast and online licensing revenue:

• Revenue stayed flat at £98.5 million ($133.06 million), balancing growth in digital services with declines in traditional TV audiences.

• New licensing deals included partnerships with BBC Studios and TNT Sports.

Q1 2026 results:

• In Q1 2026, PPL distributed £77.7 million ($104.96 million) to over 28,000 members.

What they said:

• Peter Leathem OBE, CEO of PPL: “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.”