ASCAP Delivers Record-Breaking $1.737 Billion In Revenues

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ASCAP delivered a record-breaking $1.737 billion in revenue in the 2023 calendar year with $1.592 billion available for royalty distributions to its members—the highest revenue and royalty distributions reported by any U.S. performing rights organization (PRO), and an increase of $204 million or 14.7 percent over the prior year.

The revenues represent an increase of $215 million or 14.1 percent over 2022. ASCAP increased the value and monetization of its members’ music with domestic revenue from U.S.-licensed performances surpassing $1.327 billion, which is an increase of $149 million or 12.6 percent over the prior year. In 2023, audio streaming revenue rose 21 percent, general licensing revenue rose 23 percent, radio revenue rose 10 percent and audio-visual revenue rose three percent. Total foreign revenues for performances outside the U.S. were $410 million, up $66 million or 19.3 percent over the prior year.

Since the launch of ASCAP’s strategic growth plan in 2015, its compound annual growth rate (CAGR) for Total Revenue through 2023 has increased to seven percent, and the CAGR for Total Distributions over the same time period rose to eight percent.

Total funds available for domestic distributions of ASCAP U.S.-licensed and administered performances were $1.217 billion, an increase of $169 million or 16.1 percent, based solely on U.S. performances of works by ASCAP-licensed songwriter, composer and publisher members. Of that total, $53 million was distributed through Songwize, ASCAP’s royalty administration service provided to members who directly license their works, up 16.8 percent over 2022.

ASCAP represents and aggregates over 19 million copyrights which includes music from Beyoncé, Billy Joel, Cardi B, Dua Lipa, Garth Brooks, Jay-Z, Katy Perry, Lil Baby, Lin-Manuel Miranda, Mariah Carey, Olivia Rodrigo, Paul McCartney, Stevie Wonder, Usher and more.

ASCAP is the only PRO operating on a not-for-profit basis, and does not charge a commission or take a profit and instead, pursuant to its governance and operating principles, must deduct all expenses subject to a reasonable reserve and then distribute all remaining dollars as royalty distributions to its members.

ASCAP has no debt, no shareholders, no private owners and no private equity investors, meaning its music creator and publisher members are the sole beneficiaries of ASCAP’s financial success. A democratically elected Board of Directors composed of music publishers and music creators sets the royalty distribution rules and cost allocations based on follow-the-dollar principles. It is the only U.S. PRO that makes those distribution rules publicly available on its website providing transparency to its membership.

“We are delivering industry-leading technical innovation, legislative advocacy and revenue growth that solely benefits our members, not outside investors or shareholders,” says ASCAP CEO Elizabeth Matthews. “As we like to say, private equity never wrote an iconic love song which is why we fight purely for songwriters, composers and publishers, not for those who use creators and their works of art for their own profits or to secure their own debt. ASCAP differs from others because our mission and purpose is clear and unique.”

“ASCAP’s mission and not-for-profit business model are more important now than ever before, as artificial intelligence (AI) transforms the music landscape, and the need for legislative advocacy to protect creators in D.C. has never been more important,” says ASCAP Chairman of the Board & President Paul Williams. “ASCAP will always be a champion for the humans who create music and demand transparency and fair payment from those who exploit our work. ASCAP makes it possible for our songwriter and composer members to write the next song, to earn a living and to support their families. No one else in the industry has the backs of songwriters like ASCAP.”

Additionally, the PRO marked its 110th year on Feb. 13, and announced several new ASCAP family members, including songwriter and producer Jack Antonoff, pop star PinkPantheress, Jared Leto and Shannon Leto of 30 Seconds To Mars and South African singer-songwriter Tyla.

Lorie Hollabaugh
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