Performance rights organization BMI distributed and administered $1.335 billion to writers and publishers in the 2021 fiscal year
Performing rights organization BMI released its annual report on Wednesday (Sept. 8), revealing record highs in both distribution to writers and publishers as well as domestic licensing revenue. Despite the ongoing effects of COVID-19, the PRO has reported increasing revenue in both 2020 and 2021. For the fiscal year, ending June 30, 2021, BMI distributed and administered $1.335 billion to writers and publishers and totaled $1.409 billion in revenue -- up nearly 7% from 2020 and 6% from 2019's pre-pandemic earnings.
This year, a new accounting guidance was enacted. Dubbed the ASC 606 accounting guidance, it modified BMI’s revenue recognition policies. This means that “any revenue generated by the PRO in a previous fiscal year, but that was collected and distributed in the current fiscal year, does not factor into the final reported revenue total,” according to a statement by BMI. The ASC 606 had no bearing on the 1.335 billion BMI distributed and administered this year, but affected digital and international revenues. All figures below will note whether or not the figure is affected by ASC 606 accounting guidelines, but numbers from previous years reflect historically reported revenue totals.
Much of this total $1.409 billion in revenue (or $1.361 billion per ASC 606 accounting guidance) can be attributed to its total domestic licensing revenue which exceeded $1 billion for the first time this year. Citing the growth of several FAST (free ad-supported TV) services, subscription video-on-demand services, and newfound direct-to-streaming film premieres as bolsters of domestic licensing revenue growth, digital licensing accounted for 47% (or $448 million which is reported as $423 million per the ASC 606 accounting guidance) of that revenue.