The American Society of Composers, Authors and Publishers (ASCAP) enjoyed revenue collections growth of 8 percent to $1.144 billion last year, an improvement of $85 million from the $1.059 billion garnered in 2016. The U.S. powered most of that growth, increasing 11.59 percent to $846 million from $759 million in the prior year; while foreign receipts dropped slightly to $298 million in 2017 from $300 million in the prior year.
"ASCAP is securing a strong future for our members by successfully closing key licensing deals and launching innovative digital tools that will enhance the lives of our members and make it easier for licensees to do business with us," ASCAP CEO Elizabeth Matthews said in a statement. "Our healthy 2017 financial results are proof positive that we are succeeding in our strategic transformation and our mission to support music creators and music publishers for a sustainable future in the digital economy."
During the year, ASCAP closed significant licensing deals including one with YouTube, which will improve the accuracy and reliability of the metadata attached to musical works, resulting in greater compensation for ASCAP members, the organization said in a statement.