ASCAP Revenue Tops $1 Billion For Second Year In A Row
Record High Domestic Revenue of $716.8 Million Drives 6.2 Percent Increase In Domestic Royalties Distributed to Songwriter, Composer and Music Publisher Members in 2015
ASCAP, the American Society of Composers, Authors and Publishers, announced record-breaking financial results, with domestic revenue hitting an all-time high of $716.8 million, up $61 million over 2014, driving record high domestic distributions of $573.5 million, up 6.2 percent over 2014. ASCAP, which operates on a not-for-profit basis, delivered $867.4 million in total royalty distributions to its 560,000 songwriter, composer and music publisher members in 2015. For the second year in a row, ASCAP's combined domestic and foreign revenue topped $1 billion with total 2015 revenue of $1.014 billion.
ASCAP delivered the best value proposition in performing rights licensing, returning 88 cents of every dollar collected to music creators while supporting their careers through advocacy and professional development and investing in technology and innovation initiatives to offer enhanced services to members and licensees. ASCAP's operating expense ratio was 12.3 percent, among the most efficient and lowest in performing rights. The number of performances ASCAP tracked, matched and processed for payment in 2015 increased by 14 percent to 570 billion. Demonstrating a commitment to transparency, ASCAP became the first U.S. PRO to provide fractional share ownership information in its publicly available online database for each of the more than 10 million musical compositions in the ASCAP repertory.
2015 Revenue Detail – Growth in All Major Categories
Domestic revenues of $716.8 million grew across all major categories, including Audio/Visual, New Media, General Licensing and Radio. In the Audio/Visual category, which covers broadcast and cable TV as well as top streaming services like Amazon and Netflix, ASCAP closed 68 agreements representing 245 programming services and their related websites. General Licensing, which covers bars, restaurants, music venues, and similar businesses, saw record growth of $11.0 million, or 9.1 percent.
Record setting domestic revenue helped ASCAP to collect more than $1 billion in revenue for the second year in a row, despite the fact that foreign collections, at $298.0 million, were down by 14.1 percent from 2014, caused by the negative impact of the strengthening U.S. dollar.
ASCAP created a new Global Services Team in 2015 to provide best in class services to its music creator and publisher members as well as to its foreign PRO partners, which annually handled over 70,000 inquiries.
Related News from Mi2N:
» ASCAP Revenue Tops $1 Billion For Second Year In A Row: Market-Leading Pro Strengthens Core Business, Continues Transformation
follow MusicDish on