BMI's record revenue streak continues
'Pro-technology attitude' cited for increasesNEW YORK -- BMI kept alive its 24-year record-breaking revenue and payouts streak by posting $901 million in revenue for the fiscal year ending June 30, a 7.4% increase from what it collected in the previous year.
What's more, BMI will disperse $786 million to songwriters, composers and copyright owners, an 8% increase over the previous year. Both figures represent milestones for the organization. Of that $901 million, $664 million, or 73.7%, came from domestic license income while $238 million, or 26.3%, came from international revenue.
Breaking out BMI domestic revenue, cable and satellite radio and television accounted for $208 million, or 23.1%. Traditional broadcast radio and television accounted for $340 million, or 38%, of revenue. General licensing income (i.e. stores, bars, etc.) generated $97 million, or 11%, of BMI revenue. New-media revenue such as ringbacks and licensing to social networks garnered $15 million last year.
BMI president and CEO Del Bryant pointed out that BMI has consistently embraced new-media businesses that use music, using innovative licensing solutions to permit those companies to reach new audiences, while assuring fair compensation to creators and copyright owners.
"Our pro-technology and pro-business attitude has made it possible for BMI to continue to grow our revenues more than 7% each year, on average over the past 10 years, almost doubling our income in that period," Bryant said.
During the year, BMI added more than 30,000 new songwriters and composers to its roll, which now total 375,000.
"BMI has been extraordinarily successful in signing the brightest and most popular new music creators across all genres, building upon a repertoire that already includes the most beloved songs of America's legendary songwriters and composers," Bryant said.