ASCAP released its 2011 financial results today (3/8), posting an increase in revenue over the previous year. For the calendar year of 2011, ASCAP reports revenues of $985 million, the second highest in the organization’s history and a 5.4% increase over 2010.
Foreign collections played an important role by bringing in $347 million, a $50 million increase from 2010. “The demand for ASCAP’s repertory across all genres of music is enormous and growing by leaps and bounds, both domestically and abroad,” commented ASCAP President and Chairman Paul Williams. “A major driver of our revenue growth in 2011 was the popularity of our members’ music abroad, leading to the highest-ever foreign collections bolstered by an advantageous foreign exchange rate. As songwriters and composers, we depend on the efficiencies of ASCAP to manage our performing rights in a rapidly changing global economy. ASCAP’s advocacy throughout the world is an important factor in ensuring fair treatment and compensation for songwriters and composers of every kind of music.”
Total distribution to the organization’s 400,000-plus songwriter members was down slightly, from $845 million in 2010, to $824 million in 2011. Its operating expense ratio was 11.9%, down two percent from 2010.
Providing a stable future for songwriter members is one of the organization’s key goal, and it has negotiated multi-year licenses with Sirius/XM, HBO, Viacom and the radio industry. The radio agreement includes a return to a revenue-based fee structure as radio broadens its revenue base through new delivery mechanisms.
In 2011, ASCAP developed a new organizational structure by consolidating some areas and expanding the Membership, Licensing, and International departments. EVP, Membership Randy Grimmet was promoted to oversee the membership department. Nashville-based Vincent Candilora, formerly SVP, was elevated to EVP, Licensing. London-based Roger Greenaway was promoted to EVP, International, from his previous role of SVP.
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Earlier in the week ASCAP Nashville unveiled its new Music Lounge, a cozy and stylish performance/meeting room on the third floor that previously served as executive office space. Singer/songwriters Whitney Duncan and Jonathan Singleton christened the room with a selection of their songs, and guests were treated to a catered lunch.