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."
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