BMI Reports Record-Breaking Revenues Of $944 Million
September 24, 2013 at 7:03 AM (PT)
BROADCAST MUSIC, INC. has reported record-setting revenues and royalty distributions for the fiscal year ended JUNE 30, 2013. Revenues increased by $45 million, a 5% gain over the prior fiscal year, exceeding $944 million.
BMI paid out a historic high royalty distribution of $814 million to BMI-affiliated songwriters, composers and music publishers. Royalty distributions increased by $64 million or 9% compared to the previous year. This represents the largest fiscal year revenue posted and royalties distributed in the Company’s 74 years of operation and tops a five-year period in which BMI generated more than $4.5 billion in revenues and paid out royalties of $4 billion.
BMI Pres. DEL BRYANT said, "The success we are reporting today has been achieved in a very transitional period for BMI and the music and entertainment business. We are alert to the challenges that the restructuring of the industry presents, but we also see unprecedented opportunity. BMI’s dynamic and constantly evolving repertoire is able to reach the public across a myriad of platforms in which music is the core offering, or an essential part of the creative product. As this year’s results demonstrate, we have continued to capture the value that music contributes, and deliver it to our writers, composers and publishers."
CEO MICHAEL O’NEILL added, "What is most impressive about this year’s significant success is not only the diversity and growth in our revenues, but also our ability to increase royalties by an even larger margin. This is the result of a true team effort. I would like to congratulate everyone at BMI for their dedication to service, their diligent attention to the details of our business, and for these great results! Our songwriters, composers and publishers deserve this kind of performance, and we have delivered. To everyone at BMI, job well done!"