BMI posted a nearly 16% jump in annual revenues thanks to strong growth in video streaming, according to the group’s annual report published on Tuesday.
The performance rights organization said its revenues rose to $1.573 billion for the fiscal year that ended on June 30, 2022, up from $1.361 billion in fiscal 2021. (These figures reflect BMI’s adherence to new accounting guidance, referred to as ASC606.)
BMI said it distributed and administered $1.471 billion — its highest amount ever — to songwriters, composers and publishers, an increase of more than 10% from last year’s $1.335 billion.
Revenue from digital sources, which contributes $572 million, or almost half of BMI’s domestic revenue, grew by 35% from fiscal year 2021, with notable increases from subscription video services like Netflix, Disney+ and others.
International revenue grew by 13% to $382 million, making BMI the world’s no. 1 in public performance revenue and royalty distributions for the seventh year in a row.
“We had an exceptionally strong year thanks to the incredible popularity of the BMI repertoire, allowing us to deliver the highest royalty distributions in BMI’s history,” said Mike O’Neill, president and CEO of BMI.
Total domestic media licensing revenue from cable, satellite, broadcast television and radio contributed $479 million, a 2% increase from 2021. And general licensing revenues rose 10% from last year to $140 million, returning to near pre-pandemic levels.
Last month, BMI announced it was reducing its overall workforce by about 10% through a combination of layoffs and not filling some open positions. In a memo announcing the staff reductions, O’Neill acknowledged this came as BMI continued to report record results, but said the cuts were necessary preparations for an uncertain economic outlook, a view he reiterated Tuesday.
“We will continue to maximize the value of our affiliates’ music and ensure that our company is well positioned to deliver growth for our creators and copyright owners well into the future,” O’Neill said in a statement.