BMI posts record revenue of $839 mil
EmptyNEW YORK -- BMI has posted revenue of more than $839 million for its fiscal year that ended June 30, up 7% from the previous year.
The performing right organization will be distributing more than $732 million in royalties to the songwriters, composers and publishers it represents, an 8% increase in distributions from the previous year.
"The dynamic growth and continued popularity of the BMI catalog have made these outstanding financial results possible at a time of unprecedented change in the media and entertainment business," BMI president and CEO Del Bryant said. "Our success is a reflection of developing win-win business solutions for both our affiliated songwriters and our customers, enabling us to respond to significant changes in our business environment that are part of the continued transition from the analog world to the digital."
BMI attributes the increase in revenue to the nature of its music catalog, its licensing across a range of broadcast media and revenue growth in foreign markets. Foreign revenue, which benefited from increased market share and favorable exchange rates, grew to more than $227 million.
Revenue from cable, satellite audio and video services grew $11 million, while revenue from eating-and-drinking establishments, hospitality, retail and service establishments increased to more than $93 million. BMI overhead dropped to 12.7%, the lowest in the company's history.