ASCAP Financial Report Shows Continued Growth
ASCAP’s just released 2009 financial results show year over year growth for the performing rights organization. In 2009 ASCAP collected over $995 million, an almost $50 million increase from the $946.7 million collected in 2008. This is the second consecutive year of growth for the organization which saw an almost 10% bump from 2007-08.
Royalty payments to ASCAP’s 380,000-plus members in 2009 totaled more than $863 million. Distributions to members in 2008 totaled $818.9 million, which at that time was an increase of $77.7 million or 10.5% over 2007.
ASCAP CEO John LoFrumento delivered the latest results during the General Annual Meeting at the organization’s “I Create Music” EXPO, held April 22-24 in Los Angeles. [See video here.] Now in its fifth year, the conference saw a 25% increase in registration revenue over the prior year, with over 2800 participants during the three days. Among the Nashvillians featured during sessions were Don Schlitz and Phil Vassar, alongside superstars from other the pop/rock world such as Quincy Jones, Justin Timberlake, and John Mayer.
Also at the event, ASCAP unveiled an iPhone/mobile device app as a companion to its online Member Access system. The online portal offers access to membership, catalog, performance and royalty information.
Touching on the year ahead, LoFrumento said, “Our challenge is to obtain fair rates for the increasingly valuable public performance right over Internet and wireless devices. Because we are an organization of and for songwriters, composers and publishers, ASCAP is taking the leadership role in advocating for copyright and the livelihood it makes possible for music creators.”
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