BMI Reports Record Revenues And Royalty Payments For FY2004
BMI reported revenues of $673 million for the 2004 fiscal year, it was announced today. Revenues increased nearly $43 million, 6.8% over the prior year. The performing rights organization generated royalties of more than $573 million for its songwriters, composers and music publishers. Royalties increased by $40 million or 7.5% from the previous year.
BMI President and CEO Frances W. Preston said both the revenues and royalty distributions were the largest in the company's history. "Our achievement this year is the result of the extraordinary success and popularity of the repertoire created by BMI's songwriters and composers, and of continued strength in BMI's licensing efforts," said Preston.
BMI's leadership in licensing produced solid revenue growth in radio, network television, general licensing and new media. New agreements were signed with the CBS and ABC television networks, Univision and 32 new cable television networks. New media revenues were up 70%, including licensing more than 100 new mobile music-content companies for use of music in ringtones and other services.
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» BMI Reports Record Revenues And Royalty Payments For FY2004
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