ASCAP Posts Record Revenues
March 9, 2012 at 8:20 AM (PT)
ASCAP has posted its second-highest revenue ever in 2011, reports BIZJOURNALS.COM. "Revenue was up 5.3% to $985 million, while expenses dropped to $117.2 million, compared with $130 million the prior year."
"ASCAP has been able to deliver strong financial results for our members through licensing innovations, operational efficiencies and growth in foreign revenues," ASCAP CEO JOHN LOFRUMENTO said in a statement.
BIZJOURNAL did note that "climbing revenues didn't help out songwriters, whose distributions were down to $825 million in 2011, compared to $845 million in 2010. ASCAP said the drop was a function of when payments are sent out."