BMI reported its highest collections in the year, taking in $944 for the year ended June 30, 2013. That represented a 5% increase over the nearly $899 million collected in the prior year.
Moreover, the company paid out royalty distributions of $814 million to its publishers affiliates, songwriters and composers, which represented an 8.5% increase over the $750 million paid out in the prior year.
In a statement, BMI noted that the results represented both its largest revenue collection and royalty distribution ever in the company's 74-year history. Moreover, the performance rights organization also pointed out that it had collected more than $4.5 billion in revenue and paid out $4 billion combined in the past five-year period.
“The success we are reporting today has been achieved in a very transitional period for BMI and the music and entertainment business," BMI president Del Bryant said in a statement.
"We are alert to the challenges that the restructuring of the industry presents, but we also see unprecedented opportunity."
Bryant recently announced his retirement, which will be effective June 2014; and the board elected BMI senior VP of repertoire and licensing Michael O'Neill to replace him as CEO.
"What is most impressive about this year's significant success is not only the diversity and growth in our revenues, but also our ability to increase royalties by an even larger margin," Mr. O'Neill added in a statement.
During the year, digital revenue grew over 65% to $57 million from the $35 million garnered in the prior fiscal year; and the growth was attributed to new agreements with Netflix, Hulu and other digital entertainment outlets. Meanwhile, general licensing revenue grew 7.4% to $116 million from $108 million in the prior fiscal year.
On the other hand, international revenue fell slightly from over $300 million to $297 million.
BMI said it continues to refine its business processes and technological infrastructure to serve all of its customers in an increasingly complex marketplace. As part of that, BMI continued to grow cloud-based services; launched new versions of BMI Mobile services for iPhone, iPad and Android users; and upgraded its BMI Live Program to better serve touring singer-songwriters.
BMI said it added 45,000 new writers during the year and pointed out that the organization made Information Week's list of top innovative companies for the second year in a row.
BMI songwriters include Adam Levine, Taylor Swift, Pink, Pitbull, Miranda Lambert, Lady Gaga, Kenny Chesney, Carlos Vives, Jason Derulo, Luke Brya, Imagine Dragons, Hunter Hayes, Macklemore & Ryan Lewis, A$AP Rocky, Kacey Musgraves, Christina Perri and Florida Georgia Line.