The Recod Business May Be Hurting But BMI Is Rockin’
Even as labels complain about the effects of illegal downloading and competition from new media, the Hollywood Reporter writes that performance rights organization BMI “posted record revenue and royalties for the fiscal year ending June 30. Revenue hit $673 million, a 6.8% increase over last year, and royalties for BMI’s songwriters, composers and music publishers reached $573 million, up 7.5%. BMI attributed this year’s increases to licensing and revenue growth in radio, network television, general licensing and new media. New-media revenue jumped 70%, including licensing more than 100 mobile music content companies for ring tones and other services. BMI’s international revenue also rose, leaping 35% to more than $186 million.”
hypebot: This just goes to prove hypebot’s theory that consumers aren’t moving away from music, they are just changing the ways they recieve and and enjoy it.