ASCAP Posts Record-Breaking $1.835 Billion In Revenue For 2024
ASCAP has released its annual financial review and reports another year of record-breaking revenues and royalty distributions for its members, delivering $1.835 billion in revenue in the 2024 calendar year.
The numbers mark an increase of $98 million, or 5.7% over 2023 with $1.696 billion available for royalty distributions, up by $104 million, or 6.5%. This is the highest amount in revenue and royalty distributions to creators and music publishers historically reported by ASCAP, fueled by revenue growth and the lowest overall cost allocation overhead rate in the US at 10%.
ASCAP delivers 90 cents of every dollar collected back to its members as royalties and does not charge a commission or take a profit. Instead, according to its unique governance and operating principles, it must deduct expenses and then distribute remaining dollars as royalties to its members.
“For songwriters, composers and publishers, ASCAP provides the best return on their performance royalties because they get 90 cents of every dollar we collect. It’s that simple. We are the only U.S. PRO that does not take a profit and the only one that can credibly say we put creators first in everything we do,” said ASCAP CEO Elizabeth Matthews.
The company increased the value and monetization of its members’ music with domestic revenue from US-licensed performances totaling $1.397 billion, an increase of 5.3%, or $71 million, year over year. Revenues from streaming audio, audio-visual and general licensing drove the increase. The strength in domestic revenue led to 5.5% growth in funds available for domestic distributions, which totaled $1.284 billion. Of that total, $53 million was distributed through Songwize, ASCAP’s royalty administration service provided to ASCAP members who directly license their works.
Collections for foreign revenue also increased to a total of $438 million, up by $28 million, or 6.8% with $411 million available for royalty distribution, a 9.8% increase of $37 million.
In the 10th year of its strategic growth plan, ASCAP has generated a compound annual growth rate (CAGR) for total revenue of 7%; and for total distributions, a CAGR of 8%. While every other US PRO is now private equity-owned, ASCAP is the only one that does not owe payouts to private investors or shareholders, making writer and publisher members the sole beneficiaries of ASCAP’s growth.
“ASCAP is committed to innovating, growing and evolving in ways that benefit our members, because music creators drive every decision we make. Protecting the livelihoods of songwriters and composers and defending the value of music is a mission we take seriously. For us, this is more than just business – it’s personal, and that’s what sets ASCAP apart from any other PRO,” said ASCAP Chairman of the Board and President Paul Williams.
