BMI released its latest financial results today, showing that the performing rights organization generated more than $917 million in revenues for its 2010 fiscal year ended June 30, including its subsidiary Landmark Digital Services®, LLC.
The company had distributable royalties of more than $789 million for the more than 475,000 songwriters, composers and copyright owners it represents.
BMI reports a $30 million increase in revenues from new media, cable and satellite audio and video programming services. According to a press release, this income more than offset a decline in radio and television license fees, and adverse movement in foreign exchange rates during the January-June period.
Over the last decade, BMI’s revenues have increased by 70% and royalty distributions by 75%, while the overhead rate has been reduced by almost 15%.
The organization under the leadership of President & CEO Del Bryant, grew its market share this year thanks to huge hits by artists including Lady Gaga, The Black Eyed Peas, Colbie Caillat, Ke$ha, Taylor Swift, Kid Rock, Rihanna, Toby Keith, Keith Urban, and Zac Brown Band. These top contemporary artists are on the roster alongside musical icons like Willie Nelson, Paul Simon, Sting, Elton John, and the late Michael Jackson.