BMI reports fiscal-year revenue increase
Generated $905 mil for a 0.4% boostNEW YORK -- Broadcast Music, Inc. managed to eke out its 25th year in a row of growth, generating $905 million in revenue in its fiscal year ended June 30. That represents a 0.4% increase over the $901 million it collected in the prior fiscal year.
Likewise, the company also increased royalty distributions to $788 million during the year, up from the $786 million disbursed in the prior fiscal year.
BMI, which represents more than 400,000 songwriters, composers and music publisher affiliates and has a repertoire of more than 6.5 million songs, said growth was impacted by "one of the most difficult economic environments in the company's history," in the press release announcing its revenue total.
In looking at revenue, the company said 38% of domestic revenue came from radio, 29% came from cable and satellite; while 17% came from broadcast television and 16% came from general licensing.
Meanwhile, it said international revenue was comprised of 68.8% collections from Western Europe, 13.8% from Asia Pacific and 17.6% from other territories. But unlike last year, the company didn't break out what percentage of revenue domestic and international constituted.
"We understand the significant market pressures faced by the businesses which we license, and we anticipate tough discussions in the year ahead as we negotiate new agreements for the use of our repertoire," BMI's president & CEO Del Bryant said in a statement.
"At the same time, we are encouraged by the steady growth in our market share, and in the expanded use of music by both traditional and digital media, both dynamics that drive our licensing income. We have an intense focus on efficiency and cost containment. These factors give us confidence in our ability to meet the challenges of this volatile economic landscape, and to provide a point of stability to our songwriters and value to our customers, as the economy works its way to recovery."
During the year, the organization completed the integration of Landmark Digital Services' radio performance data into its radio survey; launched a complete redesign of its website, BMI.com, with enhanced transaction tools for musical creators, music publishers and licensees; and significantly increased the scope and pace of its talent development activities, sponsoring and promoting more than 200 showcases, professional seminars and panels.
In new media, the company said it now has a portfolio of more than 6,700 digital media properties under license. Despite the widespread impact of the economic downturn, BMI was able to grow revenues in this sector by 11%, the organization said.