BMI Makes Money

BMI MAKES MILLIONS: At least someone in the music business is making money. BMI announced its revenue collections topped $931 million for the year ended June 30, a 1.5% increase over the $917 million it pocketed last year. The total revenue reported is an historic high and continues an unbroken record of year-over-year increases stretching back more than 20 years. The org said its distribution to songwriters and music publishers totaled $796 million, up from the $789 million it handed out in the previous year. "In addition to the strength of our repertoire, a key factor in our ability to grow revenues despite a challenging global economy is the enduring value of our core offering: the blanket license," said President/CEO Del Bryant. "Securing unlimited public-performance rights to BMI's entire repertoire of more than 6.5 million works with one stable agreement is as valuable for new media companies such as YouTube and Spotify as it is for our radio, television, cable network and general licensees." (9/20a)