BMI Tops $900 Million Mark For Fiscal '08
August 26, 2008 at 5:29 AM (PT)
BROADCAST MUSIC, INC. has earned more than $901 million in revenues for its 2008 fiscal year, including its subsidiary LANDMARK DIGITAL SERVICES. This is the first time any copyright organization has topped the $900 million mark for music performance revenues, and represents a 7.2% percent increase from the previous fiscal year.
The company also announced that it set a historic high in royalty distributions, and will disperse more than $786 million to the songwriters, composers and copyright owners it represents, an 8% increase over the prior fiscal year.
Both figures represent milestones in royalty collection and distribution for the public performance of music. BMI Pres./CEO DEL BRYANT said, "BMI has been extraordinarily successful in signing the brightest and most popular new music creators across all genres, building upon a repertoire that already includes the most beloved songs of America’s legendary songwriters and composers."
Broadcast Media Paid $340 Million For Music
BMI generated $664 million in domestic licensing income, an increase of 8% or $51 million over the prior year. BMI added licensing the growth areas of cable, satellite radio and satellite television, which brought in revenues of more than $208 million, accounting for more than 23% of the company’s consolidated revenue.
Traditional broadcast radio and television accounted for $340 million, or about 38% of revenue. International revenues were also an especially bright spot, accounting for $238 million, or more than 26% of BMI’s revenues.