8% Increase In BMI Royalties Paid; BMI Promotes Two
September 4, 2007 at 10:53 AM (PT)
BROADCAST MUSIC, INC. (BMI), the U.S. music performing right organization, will distribute more than $732 million in royalties for its 2006-2007 fiscal year to the songwriters, composers and copyright owners it represents, an 8% increase over the prior fiscal year.
BMI attributed the rise in revenues to its music catalog, the successful licensing of music across a diverse range of media and revenue growth in foreign markets. BMI, a nonprofit organization, also posted record-setting revenues of more than $839 million, up 7% from the prior year. This milestone represents the highest annual revenues and royalty distributions ever reported by a performing rights society. BMI also announced that overhead dropped to 12.7%, the lowest in the company's history.
BMI Names Holder, Wright As Associate Dir./Publisher Relations
In other BMI news, IAN HOLDER and BYRON WRIGHT have been named Associate Dir., Writer/Publisher Relations for BMI. HOLDER was most recently A&R Coordinator for COLUMBIA RECORDS/SONY URBAN MUSIC, and WRIGHT was a Writer/Publisher Relations representative in BMI’s ATLANTA office. HOLDER is based in BMI’s NEW YORK office and WRIGHT remains in BMI’s ATLANTA office.