Broadcast Music, Inc. (BMI) Reports Increased Revenues For FY 2011
Broadcast Music, Inc. (BMI), the leading global music rights management organization, today announced revenues in excess of $931 million for its 2011 fiscal year ended June 30. This historic high in revenues continues an unbroken record of year-over-year increases stretching back more than 20 years. For the recently closed fiscal year, BMI announced distributable royalties of $796 million for the songwriters, composers and copyright owners it represents. The company serves more than 650,000 licensed businesses and more than 500,000 songwriter, composer and music publisher members, making it the world’s largest music rights organization.
BMI President & CEO Del Bryant said, “In addition to the strength of our repertoire, a key factor in our ability to grow revenues despite a challenging global economy is the enduring value of our core offering: the blanket license. Securing unlimited public-performance rights to BMI’s entire repertoire of more than 6.5 million works with one stable agreement is as valuable for new media companies such as YouTube and Spotify as it is for our radio, television, cable network and general licensees.”
Bryant pointed out that BMI manages the complexities of the global rights marketplace for its songwriters, composers and music publishers as well. The vast majority of musical creators and copyright owners that BMI represents are self-managed, small businesses. They are an important part of the financial engine at the heart of the American economy. “The royalties that BMI distributes to thousands of writers and publishers across America lend stability to a fast-changing industry and tumultuous economy,” said Bryant.
Source: BMI
