HFA Collects Almost $307.1 Million In Royalties For 2008
HFA issued over 2.44 million mechanical licenses in the year, 62% more than in 2007
The Harry Fox Agency, Inc. (HFA) announced that its total 2008 royalty collections from all sources was $307.1 million, a 22% decline from 2007. HFA issued over 2.44 million mechanical licenses in the year, 62% more than in 2007. Over 530,000 of those licenses were for permanent digital downloads of singles and albums, which also increased by almost 47% over 2007. This brings the total number of licenses under HFA's administration to over 16.7 million. The company represents over 37,000 publishing clients, with nearly 2.3 million songs available for licensing.
"2008 was another tough year for the music industry, and HFA was no exception," said Gary Churgin, HFA President & CEO. "The decline in the market had slowed in 2007, but in 2008, as the overall economy suffered, we saw the effects on the music sector accelerate. The retail closings and reductions of floorspace dedicated to music sales will continue to reverberate through the mechanical licensing market in 2009. The growth of digital sales, while still robust, is also slowing, so we do not expect digital to offset the losses of CD sales any time soon."
Churgin continued, "However, despite the decrease in royalty collections, we were able to continue to bring new opportunities to our clients such as commission-free licensing from lyrics provider Tunewiki, as well as developing more options for our online offerings such as Songfile® and publisher reports, all while continuing to pay more than 92 cents on every dollar collected straight to our publishing clients – better than any other rights organization in North America, if not the world.
"The focus of 2009 for HFA will be implementing the new schedule of mechanical royalty rates from the Copyright Royalty Board, which set compulsory rates for interactive streams, limited downloads and ringtones, and continuing to find new opportunities to add to our clients' and HFA's revenue beyond the traditional mechanical."
Related News from Mi2N:
» HFA Collects Almost $307.1 Million In Royalties For Its Over 37,000 Affiliated Publishing Clients In 2008
» Mixcloud Taps Gracenote for Advanced Music Recognition
» Copyright Royalty Board Increases Sirius XM Royalty Rate
» Live Entertainment Specialists Headliner Launch Premium Artist Booking Service
» Nordic & British Musicians' Unions' Joint Statement on Sexism in the Music Industry
» Women Make An Impact On The 2018 MPG Awards Shortlist
News Beat Directory
» [2017-12-25] MusicDish*China Presents 'Savage Guitarist' Todd Clouser In Beijing; As Part Of His #YouTheBrave Asia Tour That Includes 8 Shows Across Japan, Todd Will Be Giving Solo Shows At Laifu Livehouse On 12/27 And Temple Bar On 12/28
» [2017-12-20] Mixcloud Taps Gracenote For Advanced Music Recognition; Next-generation Audio Fingerprinting Helps Mixcloud Identify And Catalog Copyrighted Music Within User-generated Content
» [2017-12-18] Copyright Royalty Board Increases Sirius XM Royalty Rate; Judges Announce Royalty Rates And Terms For Satellite Audio Radio Services (SDARS) And Preexisting Subscription Services
» [2017-12-06] Lithuanian Band Grabs Bronze At The Silk Road Indie Music Festival 2017; Antikvariniai Kašpirovskio Dantys Competed With Bands From Belgium, Sweden, Armenia, Germany, Japan, South Africa, India, Norway, Poland, Italy And The UK As Well As China
» [2017-12-06] Live Entertainment Specialists Headliner Launch Premium Artist Booking Service; A Fully-managed Service That Simplifies The Process Of Booking Renowned Artists And Performers For Occasional Event Planners, Agencies And Brands
» [2017-11-27] Voice-Controlled Speakers & The Music We Listen Too; Music Is A Major Part Of The Way Amazon Echo And Google Home Owners Interact With Their Devices
» [2017-11-21] Nordic & British Musicians' Unions' Joint Statement On Sexism In The Music Industry; Discussions On The Issue Of Gender Inequality, Sexism And Sexual Harassment, The Scale Of Which Had Been Highlighted By The Recent #metoo Campaign
» [2017-11-13] Women Make An Impact On The 2018 MPG Awards Shortlist; Nearly A Quarter Of Those Named This Year Are Female, Proving That Music Production Is No Longer A Bastion For The Boys
» [2017-11-13] The Nashville Musicians Sound Healthcare Plan Rolls Out; Sound Healthcare & Financial Announced The Formation Of A True Group Health Insurance Policy Plan For Musicians And Industry Professionals
» [2017-11-09] Streaming & Listening Diversity - Spotify Case Study; Will Artists Have An Easier Time Finding An Audience, Or Will Streaming Focus Global Attention On A Small Number Of Stars?
» [2017-11-09] Two-Sides Of Copyright Finance: Sound Royalties & Kobalt; Sound Royalties Unearths Millions In Undistributed Royalties While Kobalt Launches Fund To Invest In Music Copyright
» [2017-11-08] Career Moves: ROLI, Live Nation Sweden, Music Glue, BBR Music Group, Warner/Chappell Music Spain & Blue Night Soundscapes; ROLI Chief Creative Officer, Live Nation Sweden Managing Directors, Music Glue Global Head Of Business Development, BBR Music Group VP Of International, Warner/Chappell Music Spain Managing Director And Blue Night Director Of Music Clearance
follow MusicDish on