Music Publishing News Roundup: BMI Revenues, iTunes Radio, IMPEL & More
BMI has released their latest fiscal report, which includes record-high revenue figures for the fiscal year ended June 30, 2013. Its $944 million in revenue and $814 million in royalty distributions are up 5% and 9%, respectively, from the previous year. BMI credits much of its positive growth to a 65% increase in new media revenues coming from Netflix, Hulu and others. International revenues constituted $297 million, over 30% of its total revenue. - More Music Publishing News:
Apple’s iTunes Radio managed to reach 11 million users in less than one week. Apple’s big first step toward Pandora’s 72 million active listeners also resulted in a $650 million drop (11%) of Pandora’s market capitalization. Pandora is still stuck in a rate court battle with the PROs, while Apple has opted to negotiate direct deals with publishers.
Carlin Music, Wixen Music UK and Ole have all announced they will be joining IMPEL, the European collective management society for online music rights.
Courtesy of Songtrust - Global royalty collection for music professionals.