Broadcast Music Inc. (BMI) has reported record-setting revenues exceeding $944 million and royalty distributions of $814 million for the fiscal year ended June 30, 2013.
Revenues increased by $45 million, a 5 percent gain over the prior fiscal year. Royalty distributions increased by $64 million or 9 percent compared to the previous year. This represents the largest fiscal year revenue posted and royalties distributed in the company’s 74 years of operation.
New media and digital revenue continued its year-over-year growth, reaching new record revenues exceeding $57 million, an increase of 65 percent over the previous fiscal year. This achievement was driven in large part by agreements with Netflix, Hulu and other digital entertainment outlets.
Licensing revenues from bars, restaurants and other commercial establishments saw a 7 percent increase over the prior year to a new benchmark high of $116 million.
International revenues contributed $297 million, more than 30 percent of BMI’s total for the year.
Commenting on the year, BMI President Del Bryant, said: “The success we are reporting today has been achieved in a very transitional period for BMI and the music and entertainment business. We are alert to the challenges that the restructuring of the industry presents, but we also see unprecedented opportunity. BMI’s dynamic and constantly evolving repertoire is able to reach the public across a myriad of platforms in which music is the core offering, or an essential part of the creative product. As this year’s results demonstrate, we have continued to capture the value that music contributes, and deliver it to our writers, composers and publishers.”
Michael O’Neill, BMI’s recently elected Chief Executive Officer, added: “What is most impressive about this year’s significant success is not only the diversity and growth in our revenues, but also our ability to increase royalties by an even larger margin. This is the result of a true team effort. I would like to congratulate everyone at BMI for their dedication to service, their diligent attention to the details of our business, and for these great results! Our songwriters, composers and publishers deserve this kind of performance, and we have delivered. To everyone at BMI, job well done!”
O’Neill, who most recently was BMI’s Senior Vice President, Repertoire and Licensing will assume his role as President upon Bryant’s June 2014 retirement.
BMI represents the public performance rights in more than 7.5 million musical works created and owned by more than 600,000 songwriters, composers, and music publishers. This year, more than 45,000 new writers joined BMI via its online portal – the company’s virtual open door.
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About the AuthorSherod Robertson is President and Owner of MusicRow Enterprises. He oversees all operations and develops strategic initiatives for MusicRow magazine, RowFax, and MusicRow's CountryBreakout chart. Robertson previously served as Director of Finance of Arista Records after beginning his career as Vice President of Finance and CFO at Reunion Records.
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