BMI Royalties 'Largest in Company's History'
While the RIAA sues p2p files sharers and complains endlessly about lost revenues BMI, the music industry performing rights organization which represents Britney Spears, Eminem, Mariah Carey and Sheryl Crow, among others, says the dollars are rolling in.
Christina Aguilera, Michelle Branch and Pink have recently signed up with BMI, it says, continuing: "Revenues increased $55.5 million, or 9.7%, over the prior year," it says in a statement.
"The performing rights organization distributed royalties of more than $533 million, the largest distribution to BMI's songwriters, composers and music publishers in the company's history. Royalties increased by $50.6 million or 10.5 percent from the previous year. The substantial increase was made possible by the company's continued focus on cost reduction and its aggressive adoption of new state-of-the-art business tools, which brought BMI's overhead down to 15.1 percent."
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And the company's foreign revenue chalked up an increase of more than 13% over the prior year to a total of $137.7 million, despite a difficult year in foreign markets, it brags.
How could that be, given the economic climate and file-sharing problems the Big Five harp on non-stop?
"Significant licensing agreements signed during the year included final agreements with HBO and Cinemax, including all of their multiplex networks; agreements with the Corporation for Public Broadcasting for both radio and television affiliates; and important revenue increases from eating-and-drinking establishments and mobile entertainment (ringtones) providers," says ceo Frances Preston.
"BMI's recently announced ten-year $1.6 billion accord for new blanket and per program agreements with the radio industry contributed to the results" although "the substantial increases negotiated by BMI in the deal apply to future years' license payments from 2004 through 2006."