BMI Enjoys Near-Billion-Dollar Year
September 19, 2014 at 5:03 PM (PT)
BMI reported a best-ever $977 million in revenue for its most recent fiscal year, hich is a 3.5% gain from the year before, the NEW YORK TIMES reports. More than $840 million in royalties were doled out to its members, which include more than 650,000 songwriters and music publishers.
Although BMI’s revenue has increased by well over 50% since 2003. BMI and ASCAP are asking the federal government to change the regulatory agreements that have governed both organizations since 1941, arguing that the rules are outdated and result in unfairly low royalty rates from online music. Predictably, broadcasters and Internet radio services assert that the regulation is necessary to restrain anti-competitive behavior and preserve a fair marketplace. BMI and ASCAP are being prodded to take action because a number of big publishers, like UNIVERSAL and SONY/ATV, have threatened to abandon ASCAP and BMI if the regulatory review does not result in the changes they want.