Originally 'Performing Right Society', but now known simply as 'PRS for Music'.

From Wikipedia:

PRS For Music has reciprocal agreements with similar organisations in other countries and is able to grant licences to "perform" around 10 million pieces of music.[citation needed]

PRS For Music attempts to distribute the licence fees collected from music users to its members in a way that matches the actual distribution of performances made. Users such as large venues (for example Wembley Arena, the Royal Albert Hall, large provincial theatres) and broadcasters (for example BBC Radio 1) submit "returns" or playlists. PRS for Music samples smaller venues that host live performances or use piped music, and extrapolates the sample to determine the distribution of all licence fees from similar venues.

PRS For Music is a non-profit-making organisation. After operating costs are deducted (which in the past have averaged about 12% of turnover) the remaining money is distributed to the copyright holders (in the case of PRS, these are the songwriters or the publishers with whom they have agreements). The owners of the copyright in the recording itself are served by an unrelated organisation (the PPL). So if a cover version of a song is played on BBC Radio 1, the PRS collects a fee on behalf of the writer and publisher while the PPL collects a fee on behalf of the record company whose recording is played.

The PRS exacts a range of tariffs from organisations (businesses, government organisations, educational establishments, and so on) dependent on their size and the extent to which they are using music, and whether they are commercial premises or not.