BMI's Revenue Collections Grow to $977 Million, Royalty Distributions to $840 Million
Broadcast Music Inc. (BMI) saw revenue collections grow to $977 million in the past fiscal year, up 3.5 percent from the $944 million it gathered the year previously. Meanwhile, royalty distributions to publishers and songwriters grew 3.2 percent to $840 million from $814 million in the prior year ending June 30, 2013.
The organization further reported that over the last 10-year period, it had generated about $8 billion in revenue and distributed about $7.5 billion in royalties.
Some of BMI's biggest songwriters include Taylor Swift, Adam Levine, Shakira, Miranda Lambert, P!nk, Nicki Minaj. It also represents television composers such as James Newton Howard, Steve Jablonsky, Mark Mothersbaugh, Brian Tyler and the legendary John Williams.
"We are extremely pleased with these results and are already hard at work trying to better them this year," BMI president and CEO Michael O'Neill said in a statement. "BMI has a well-earned reputation as a trusted broker between the creative community and businesses that perform music to enhance their customer experience. In an ever-evolving marketplace for music rights, our leadership, operational expertise and ability to deliver value at so many different levels to our songwriters, composers, publishers and licensees, enables us to maximize royalties for the creative community."
The organization said its growth can be attributed to its "continuous drive to diversify its sources of revenue." In the past year, royalty payments from cable and satellite entertainment comprised the largest revenue stream for BMI's domestic operations, while licensing income from digital services, international sources and from businesses such as bars, hotels, fitness facilities and restaurants all posted significant gains. BMI said it processed more than 500 billion copyright transactions reported from more than 650,000 music licensees.