ASCAP Reports Record Earnings
March 6, 2007 at 11:05 AM (PT)
The AMERICAN SOCIETY OF COMPOSERS, AUTHORS AND PUBLISHERS (ASCAP) today reported record revenues of $785 million and royalty payments of $680 million for 2006, both up 5% from 2005. ASCAP credits the licensing of existing and new music channels, operational efficiency and the introduction of new services for the growth.
"Our overarching priority each year is to put more money in the pockets of our members -- hard-working songwriters, composers, lyricists and music publishers," ASCAP CEO JOHN LoFRUMENTO said. "That's a goal we clearly met in 2006. To continue achieving such results, we are investing in new technologies that enable us to operate more efficiently and are significantly broadening the scope of professional services we offer to enhance the career opportunities of our members."
Contributing to the strong revenue growth was ASCAP's recently negotiated licenses with both terrestrial and satellite radio. In 2006, total radio revenues increased 11% to $22 million. Of that amount, terrestrial radio revenues rose by $14 million and satellite radio revenues rose by $8 million. ASCAP anticipates continued growth from satellite radio as a result of a new five-year agreement with XM SATELLITE RADIO.