BMI has announced the performance rights organization has generated $1.199 billion in revenues for the fiscal year ending June 30. The total represents a 6.1 percent increase over the previous fiscal year’s $1.13 billion in revenue.
The company also distributed and administered a record $1.118 billion in royalties to its songwriters, composers and publishers, marking a nine percent increase over the previous year.
Mike O’Neill, President and CEO, BMI, stated, “Thanks to the incredible creativity of our songwriters, composers and publishers, BMI was once again able to generate record revenue and distributions on their behalf. While we are proud of achieving these results, we will always strive to do better. BMI will continue to advocate for our affiliates, ensuring that all songwriters and composers can continue to earn a living creating the music that is loved all over the world.”
Total domestic revenue, which is comprised of digital media, traditional television and radio, cable and satellite, and general licensing, grew to a record $880 million, up five percent over the prior year. Revenue from cable and satellite sources once again generated the largest portion of BMI’s domestic revenue at 33 percent, while traditional television and radio revenue accounted for 25 percent of the overall domestic total.
Notably, BMI’s international revenue grew $25 million to $319 million, up nine percent over the previous year.
BMI processed nearly 1.7 trillion performances in FY ‘18, a 23 percent increase over last year. Of this total, 1.67 trillion were digital performances, or 97.7 percent of all performances processed.
The $1.118 billion in total distributions includes domestic and international royalties, as well as royalties from direct deals that BMI administers on behalf of its publishers. Distributions from these direct deals totaled $53 million, a $17 million increase over the previous year, representing approximately five percent of BMI’s total distribution.
When factoring the impact of direct deal administration, the company reports it now distributes nearly 90 cents of every dollar directly back to its songwriters, composers and publishers.
BMI’s domestic revenue growth over the past year was driven strongly by gains in the digital sector, which grew 32 percent to $215 million due to new deals made with Amazon, Apple Music, Hulu Netflix, YouTube, Sound Cloud, Spotify and expansion into new digital markets including social media with Facebook. Digital now represents 24 percent of the company’s total domestic revenue.
General licensing, which encompasses 18 percent of BMI’s total domestic revenue and is generated from businesses like bars and restaurants, hotels and fitness centers, along with other income, posted record results of $156 million, a 5 percent gain year-to-year. The company added 15,000 new businesses to its growing portfolio.
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