BMI Revenues Up 7% This Year
Unlike the major labels, BMI, one the largest performing right organizations, has noted a 7% uptick from the previous year in revenues of more than $839 million.
BMI will pay out more than $732 million in royalties to the songwriters, composers and publishers it represents, an 8% increase in distributions from the prior year.
BMI attributes the increase in revenues 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.
Revenues from cable, satellite audio and video services grew $11 million, while revenues 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.