ASCAP Marks Its 90th Year With Record Financial Results

(CelebrityAccess MediaWire) — ASCAP (The American Society of Composers, Authors and Publishers) marks its 90th year with revenues reaching an all-time high of $668 million — a 5.2 per cent increase over the prior year. ASCAP CEO John LoFrumento noted, "2003 revenues were the best ever in the company's history, beating the previous all-time high of $646 million reported in 2001." The Society also reported an all-time low operating expense ratio of 13.9%, one of the lowest operating ratios in the world for a performing right society, and the lowest by far in the US.

"The development of new cutting-edge technology, such as Mediaguide, our continued focus on cost reduction, and our commitment to negotiating the best licensing deals for our members have contributed to our success, further establishing ASCAP as the leading Performing Rights Organization in the U.S.," said LoFrumento. "As a measure of what that success means to our members, over the past 3 years we have distributed over $1.6 billion."

ASCAP's growing membership now numbers over 175,000 composer, lyricist and publisher members, an increase of more than 20,000 over the prior year. –Bob Grossweiner and Jane Cohen

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