ASCAP hears increase in revenue over '07
EmptyASCAP collected $933 million last year, an 8% increase from the $863.3 million gathered in 2007, management of the member-owned organization announced at the annual meeting that kicked off its New York Sessions event.
At the same time, payouts increased 10.2% to $817 million from the $741.3 million paid out in 2007.
But the organization added that despite its record revenue collection, it "anticipates challenges ahead. … Many of the businesses that are driving an explosive growth in music use across digital channels have yet to agree to fair licensing terms for the use of ASCAP members' works," the organization said during the announcement of its financials.
Ed Christman is a senior correspondent for Billboard.