(CelebrityAccess MediaWire) — The American Society of Composers, Authors and Publishers has proved that it has adapted to the rapidly changing music market place with a combination of innovative business strategies and tight cost controls, by reporting record revenues and royalty payments for last year.
Revenues for the 92-year-old performing rights organization exceeded $749 million, an increase of more than $50 million over the prior year, while royalty payments to members topped $645 million. This royalty distribution is a record amount for any PRO globally.
“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 in a statement.
LoFrumento said that ASCAP’s success has been built on seven strategic thrusts: capturing licensing revenues from new and growing media channels, growing overseas licensing revenue through promotion, continuing to build valued new member services – such as MusicPro Insurance, deploying state-of-the-art technology to monitor music usage and effectively curb infringement activity, investing in innovative business ventures that enhance capabilities while reducing operating costs and generating revenue streams, tightly controlling costs, and attracting and retaining the most successful music creators.
“This record year underscores the success of our business strategies and enables us to continue providing the highest level of payments and best service possible to our members,” said LoFrumento.
In the fall of 2005, ASCAP announced the launch of the first and only national conference dedicated to songwriting and composing, called the ASCAP “I Create Music” Conference. The three-day event will take place April 20-22, 2006, and will bring together music creators with music industry professionals who want to work together to achieve greater success.
Confirmed panelists at the conference include songwriters such as Glen Ballard, Alan and Marilyn Bergman, Desmond Child, Hal David, Jimmy Jam, Tom Petty, John Rich of Big & Rich, Stephen Schwartz, Timbaland and Jimmy Webb. –by CelebrityAccess Staff Writers