BMI Reports Record Breaking $1 Billion Revenue
Performing rights organization BMI has reported its highest ever revenue collection of over $1 billion, and with it comes its largest ever distribution of $877 million to songwriters, composers and music publishers.
BMI today announced record breaking collections and royalty distributions for the fiscal year that ended June 30. BMI generated revenues of $1.03 billion and paid out $877 million to songwriters, composers and music publishers, a nearly 4.5% increase over last year and their largest ever. The growth came across multiple revenue sources.
Digital revenue exceeded $100 million last year, a 65% year over year increase. Revenue from media licensing, including radio, television and cable and satellite entertainment, also saw record levels at $484 million. Additionally, general licensing revenue, including fees from bars, hotels, fitness facilities and restaurants, hit a record $137 million.
International revenues came in at $292 million, despite economic challenges overseas. While down 5% in USD from last year, BMI overcame a $28 million negative impact to international revenues caused by lower foreign exchange rates due to the strengthening dollar.
BMI operates on a non-profit-making basis and returns approximately 87% of all revenue to creators and rightsholders.
"These are phenomenal results for BMI and underscore the value we bring to our community of songwriters, composers and publishers," said Mike O'Neill, President and CEO, BMI. "They're even more impressive when you consider the negative impact to our international revenues brought on by the strengthening dollar," he added.