NEW YORK (CelebrityAccess) — U.S. performing rights organization Broadcast Music, Inc. announced that despite the global headwinds of COVID-19, they reported record revenue for the full fiscal year of 2020.
During BMI’s fiscal year, which ended on June 30th, the PRO reported revenue of $1.311 billion, up $28 million from 2019.
Of that revenue, BMI distributed and administered $1.233 billion to its affiliated songwriters, composers, and publishers, a 3% increase over distributions the previous year.
The $1.233 billion total in distributions includes domestic and international royalties, as well as distributions from direct deals that BMI administers for its publisher and digital service provider clients.
According to BMI, those administration deals accounted for $71 million in revenue in 2020 an increase of $9 million year-over-year.
Breakouts for revenue revealed that a majority of BMG’s revenue came from domestic media licensing for cable & satellite, broadcast television and radio, which generated $527 million, an increase of $14 million, or 3%, over last year.
Digital service providers such as Spotify and Apple accounted for 32% of BMI’s revenue, amounting to $304 million in 2020, up 16% year-over-year.
General licensing, along with other income, came in at $130 million, weighing on results after slipping 23% from 2019.
BMI’s international revenue grew to $350 million, up $10 million, or 3%, over last year, however, these results were impacted by negative foreign exchange rates, the PRO said.
BMI also reported that affiliate membership increased by almost 10% this year, after adding almost 100,000 songwriters to its clients.
In FY 2020, BMI processed an astonishing two trillion performances, and while that’s lower than in previous years, BMI attributed the shortfall to changes in its reporting system. Without the change, BMI saw a net increase of 26% in processed performances for the year.
“During this unprecedented year, our songwriters and composers’ incredible creativity, talent and resilience were beyond compare and truly inspiring. We were thrilled to be able to distribute our highest royalties ever and deliver them earlier than scheduled to help ease the concerns of our creators and publishers during this challenging time. BMI remains committed to supporting our affiliates during this crisis and beyond, and our team continues to work hard every day to protect the profession of songwriting and composing and ensure the ongoing creation of new music,” said BMI President & CEO Mike O’Neill.
