PPL plans for billionaire status by 2034.

PPL has demonstrated the vast growth potential - and importance - of licensing revenue to the music business by boasting it could be collecting annual revenues of #1bn by its centenary year.

The collecting society, which is now celebrating its 75th anniversary, is only 25 years away from this next landmark year, and collected #127.6m in licensing revenue in 2008.

But PPL chairman and chief executive Fran Nevrkla said his organisation had collected a total of #1bn over the last decade - more than PPL collected in the previous 65 years combined - and that through improved systems, improved data and increased co-operation with overseas societies, this massive exponential growth could be achieved.

"Let's hope at 100 years revenues can be #1bn each year and growing," Nevrkla told the organisation's AGM last week, explaining that licensing had increased in importance as income from sales of recorded music had slipped over recent years.

He and Musicians' Union general secretary John Smith have also done much to establish licensing infrastructures in many emerging countries and continents such as Africa. "Overseas income will be #20m, then #30m and continue to grow," he added.

The 75th AGM also heard that PPL will continue to fund the fight against piracy, with the members voting for a resolution to give #810,000 to the ...