BMI Reports $1.06 Billion In Revenue, The Highest In Company’s History
September 8, 2016 at 7:45 AM (PT)
BMI is boasting its highest revenues in its 76-year history, achieving $1.06 billion for its fiscal year ended JUNE 30th. The company also distributed and administered a record-breaking $931 million to its songwriters, composers and publishers, a 6% increase over last year.
“We are beyond pleased with this milestone,” said Pres./CEO MIKE O’NEILL. “The ability to provide our songwriters, composers and publishers with our largest royalty distributions to date proves that the current marketplace is working efficiently, a fact the DOJ has undermined with its recent interpretation of our consent decree. We’re eager to build on this success and continue to ensure that all of our music creators are fairly paid for their work and that licensees maintain full access to BMI’s repertoire of nearly 12 million songs. As of now, the DOJ’s interpretation will disrupt these efforts, stifle creative freedom for songwriters, limit choices for music users and bog down the marketplace. We are determined not to let that happen.”
BMI’s total domestic revenue performance of $784 million was bolstered by results in its digital and general licensing categories. Digital revenue, which exceeded $100 million for the first time last year, hit a new high of $152 million, up 50%.