PPL Surpasses £1 Billion In Revenue as 2025 Annual Revenue Reaches £315.3 Million, Up 4.75%

UK Music licensing company PPL has reported a strong financial performance for 2025, with total revenue rising to £315.3 million, marking a 4.75% year-on-year increase from £301.0 million in 2024. The results were driven primarily by continued international expansion alongside stable performance across UK licensing streams.

A key milestone for the company is that its international business has now generated more than £1 billion in revenuesince launching 20 years ago, making it the standout figure in this year’s results.

Net revenue after operating costs reached £273.0 million, with the company improving efficiency slightly as its cost-to-revenue ratio decreased to 13.1% (down from 13.2% in 2024). During the year, PPL paid more than 182,000 performers and recording rightsholders, including 16,000 first-time recipients, underlining its expanding global membership base.

International Growth Drives Performance

International revenue increased by 16% year on year to £94.0 million, up from £81.0 million in 2024. This included a record £10.8 million in collections for international recording rightsholders.

PPL’s international success is underpinned by its extensive global network, with 117 agreements across 55 countries, covering more than 95% of the market by value. The company also expanded its reach in 2025 by adding collections for recording rightsholders in Argentina.

Growth was fuelled by several factors, including an increase in newly represented performers, operational improvements, and the development of new revenue streams. A trial of international production music collections delivered particularly strong returns from Germany, France and Belgium. Additional gains were supported by investment in data and technology, which accelerated payment processing, as well as favourable exchange rates.

PPL continued to attract major talent, signing new mandates with artists including Mariah Carey, Charli xcx, Alex Warrenand Myles Smith. The company also retained over 99% of its existing mandates, renewing agreements with performers such as Lola Young and Sigala.

Public Performance Remains Core Revenue Stream

Public performance and dubbing income — which includes licensing music played in venues such as shops, bars, restaurants, gyms and workplaces — rose by 1% to £122.9 million, accounting for around 40% of total revenue.

This growth came despite a challenging economic environment and increased churn in key sectors such as hospitality, including a decline in the number of UK pubs. PPL attributed its performance to continued licensing activity across hundreds of thousands of venues, supported by its joint venture with PRS for Music.

A wide range of major brands continued to license music through PPL, including Amazon, B&Q, British Airways, DHL, Jaguar Land Rover and Marks & Spencer.

Within this segment, fitness venue income rose 5.6%, while small business revenue increased 7.2%, reflecting growing recognition of music’s value in workplace environments. A new jukebox tariff introduced mid-year also drove a 22% increase in jukebox revenue during the second half of the year.

Broadcast and Online Revenue Stable

Broadcast and online licensing revenue remained steady at £98.5 million, representing approximately 31% of total revenue.

During 2025, PPL secured new licensing agreements with major broadcasters including BBC Studios, UKTV and TNT Sports.

While some revenue growth was generated through contractual adjustments linked to inflation and expansion of online services, this was offset by declining linear TV audiences and the closure of certain channels. Commercial radio income remained broadly flat amid cautious advertiser spending and ongoing shifts in media consumption.

PPL also expanded its radio licensing footprint, adding more than 60 new FM/DAB stations during the year, supported in part by Ofcom’s rollout of small-scale DAB multiplex licences.

Continued Distributions to Rightsholders

On 31 March 2026, PPL distributed £77.7 million to over 28,000 performers and recording rightsholders, covering UK and international income collected in late 2025 and early 2026.

The distribution also included revenue from VPL, PPL’s sister company, and initial payments from Argentina’s CAPIF, highlighting the impact of new international agreements.

CEO Peter Leathem described 2025 as a “strong year,” emphasising the role of international growth and the resilience of PPL’s core licensing business. He noted that increasing numbers of performers and rightsholders are choosing PPL for representation, with royalty payments continuing to play a vital role in supporting creators’ livelihoods.

The company reaffirmed its ambition to be the leading global partner for neighbouring rights, focusing on innovation, collaboration and maximising value for creators worldwide.