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Business News Labels & Publishers
BMI announces record-breaking revenues for 2013/4
By Chris Cooke | Published on Friday 19 September 2014
American collecting society BMI, which handles performing rights for songwriters and music publishers, has announced that in its financial year that ended 30 Jun it generated record revenues of $977 million, distributing $840 million to its members.
Confirming the latest record figures, BMI CEO Michael O’Neill told reporters: “We are extremely pleased with these results and are already hard at work trying to better them this year. BMI has a well-earned reputation as a trusted broker between the creative community and businesses that perform music to enhance their customer experience”.
He went on: “In an ever-evolving marketplace for music rights, our leadership, operational expertise and ability to deliver value at so many different levels to our songwriters, composers, publishers and licensees, enables us to maximise royalties for the creative community”.
As previously reported, the so called consent decrees that cover the operations of BMI and its rival ASCAP are currently being reviewed, with the big music publishers seeking more flexibility, so that they can use the societies to licence radio and live music, but start dealing with internet radio services like Pandora directly.
