ASCAP Revenues Rise
March 14, 2006 at 9:49 AM (PT)
ASCAP reported record revenues and royalty payments for 2005, with revenues exceeding $749 million, a $50 million increase over last year's total. Royalty payments to members topped $645 million.
ASCAP attributes the revenue growth to capturing licensing revenues from new and growing media channels, such as cable TV, Internet, mobile and satellite; growing overseas licensing revenues through the promotion of ASCAP repertory; new member services such as MusicPro Insurance; new technology to monitor music usage and curb infringement; investing in new business initiatives while tightly controlling costs; and attracting and retaining the most successful music creators as members.
"At a time when the music industry is in a state of rapid change and many view technology as a challenge to copyright and music creators, we are using sophisticated technology along with other innovative business strategies to grow our participation in the music marketplace and to secure the value our members deserve for their creative efforts," said JOHN LOFRUMENTO, ASCAP CEO.