NEW YORK (CelebrityAccess) — On Thursday, ASCAP, The American Society of Composers, Authors, and Publishers, revealed that 2017 was a boffo year for the performing rights organization, amounting to record revenue and distrubtions.
According to ASCAP, the PRO collected $1.144 billion in revenues in 2017, and for the first time in its history, distrubted more than $1.007 billion to its songwriter, composer and music publisher members.
For the fiscal year 2017, total ASCAP revenues increased by 8 percent and distributions were up 10 percent year-over-year, the organizsation said.
ASCAP, which operates on a non-profit basis, says it provides about 88 cents of every dollar collected to its members for performances of their music. In 2017, ASCAP says they attained an operating expense ratio of about 12%, leaving the PRO among the most efficient of such organizations in the world.
ASCAP says their revenue growth was fueled by increases across multiple platforms, including the increasingly important world of digital streaming, as well as audiovisual media and radio. Notably, ASCAP touted a deal they struck with YouTube last June for public performance rights and data collaboration, which will improve meta data attached to musical works on the platform.
ASCAP also highlighted their joint initiative with BMI reconcile the two organization's repertoire databses to make it easier to identify and compensate rightsholders for a vast majority of the music licensed in the US.
"ASCAP is privileged to represent the creators of the world’s best-loved music. ASCAP is securing a strong future for our members by successfully closing key licensing deals and launching innovative digital tools that will enhance the lives of our members and make it easier for licensees to do business with us. Our healthy 2017 financial results are proof positive that we are succeeding in our strategic transformation and our mission to support music creators and music publishers for a sustainable future in the digital economy,” ASCAP CEO Elizabeth Matthew said.
