Phonographic Performance Limited, commonly known as PPL, is a UK-based music licensing company and performance rights organisation founded by Decca and EMI in 1934. As of 2012 PPL collected royalties for 65,000 performers and 10,000 record companies. Its field of operation is distinct from the Performing Right Society, now called PRS for Music, founded in 1914, which originally collected fees for live performance of sheet music.