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."
|MusicDish Network Advertisement|
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."
» Women Make An Impact On The 2018 MPG Awards Shortlist
» Two-Sides of Copyright Finance: Sound Royalties & Kobalt
» Career Moves: ROLI, Live Nation Sweden, Music Glue, BBR Music Group, Warner/Chappell Music Spain & Blue Night Soundscapes
» Europe's Digital Music Leaders Form Alliance
» Deezer Becomes Miami Dolphins' Official Music Partner
News Beat Directory
» [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
» [2017-11-08] Europe's Digital Music Leaders Form Alliance; European Digital Music Companies Launch Of Digital Music Europe
» [2017-11-05] Pandora Subscriber Base Grows To Over 5 Million; Pandora Premium Paid Subscribers Cross The 1 Million Milestone In October 2017
» [2017-11-05] Hybrid Studios Announces Online Mastering Services; Engineers Billy Klein And Brian Frederick Spearhead New Online Mastering Effort Through OC Studio
» [2017-11-05] Music Industry Betting On VR & AR For New Revenue; The Music Industry Is Making An Early Bet On VR & AR To Create New Revenue Streams Across All Their Lines Of Business
» [2017-11-04] Sound Royalties Unearths Millions In Undistributed Royalties; Nearly $14 Million In Undistributed Royalties Has Been Found By Music-focused Finance Firm Sound Royalties
» [2017-11-02] MusicDish*China October China Label Music Releases And Charts; Several Tracks From October Releases Have Charted On Chinese Music Portal Kanjian ING Top 10 Weekly Chart
» [2017-11-01] Deezer Becomes Miami Dolphins' Official Music Partner; Deezer's Flirtation With The Sports World Appears To Have Just Begun
follow MusicDish on