BMI Revenue Crosses $1 Billion Mark
Broadcast Music, Inc.’s revenue and royalty distributions hit an all-time high in the fiscal year ended June 30. BMI generated total revenues of $1.013 billion, and distributed and administered $877 million to its affiliates. This was its largest distribution ever, and a nearly 4.5 percent increase over last year.
BMI operates on a non-profit-making basis and returns approximately 87 percent of all revenue to the musical creators and copyright owners it represents.
BMI’s digital revenue exceeded $100 million, up 65 percent over last year, with earnings from Amazon, Apple, Netflix, Pandora, Spotify, YouTube, and many others. According to BMI, it is the first U.S. PRO to reach the $100 million digital revenue milestone.
BMI processed more than 500 billion digital performances, a 25 percent increase from last year. More than 1.2 million unique musical works were identified across the various digital services.
In total, the organization processed nearly 600 billion performances.
Revenue from all media licensing, including radio, television and cable and satellite entertainment, also saw record levels at $484 million.
Additionally, general licensing revenue, including license fees from bars, hotels, fitness facilities and restaurants, achieved a record high of $137 million.
International revenues came in at a strong $292 million, but were down 5 percent in USD from last year.
“These are phenomenal results for BMI and underscore the value we bring to our community of songwriters, composers and publishers,” said Mike O’Neill, President and CEO, BMI. “They’re even more impressive when you consider the negative impact to our international revenues brought on by the strengthening dollar,” he added. “We will continue to work hard on behalf of the more than 700,000 affiliates we have the privilege to represent, not only to make sure they can continue to earn a living doing what they love, but also through our ongoing efforts with Congress and the U.S. Department of Justice to rewrite the rules so they make sense for today’s digital world.”
Now in its 75th year, BMI represents the public performance rights in more than 10.5 million musical works created and owned by more than 700,000 songwriters, composers, and music publishers.
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