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"Our pro-technology, pro-business attitude has made it possible for BMI to continue to grow our revenues more than 7% each year, almost doubling our income over the past 10 years."

BMI BOOSTS PROFITS FOR 24th YEAR IN A ROW

Posts $901 Million in Revenue, a 7.4% Increase in Collections
At least someone in the music business is making some money.

For the 24th year in a row, BMI’s revenues are up over the previous 12-month period, with $901 million collected for the fiscal year ended June 30, a 7.4% increase over 2007.

BMI will pay out $786 million to songwriters, composers and copyright owners, representing an 8% increase. Both figures are the highest-ever for the performing rights organization.

Of the $901 million, $664 million, or 73.7%, came from domestic licenses, while $238 million, or 26.3% came from international revenue.

Cable and satellite radio and TV accounted for $208 million, or 23.1%, while traditional broadcast radio and TV accounted for $340 million, or 38%, of total revenue generated. General licensing income, meaning stores, bars and other retail outlets, amounted to $97 million, or 11%. New media revenues, including ringbacks and social network licensing, equaled $15 million.

EMI President/CEO Del Bryant reiterated the org’s embrace of new media models through licensing solutions that allow the companies to reach new audiences, while ensuring compensation to creators and copyright owners.

“Our pro-technology, pro-business attitude has made it possible for BMI to continue to grow our revenues more than 7% each year, almost doubling our income over the past 10 years,” he said. “BMI had been extraordinarily successful in signing the brightest and most popular new music creators across all genres, building upon a repertoire that already includes the most beloved songs of America’s legendary songwriters and composers.”

BMI added more than 30k new songwriters and composers over the last year, bringing its total to more than 375k.

During the year, BMI extended its eCommerce initiatives, significantly enhancing its business-to-business tools for songwriters, composers, and copyright owners, as well as its licensing customers. The company launched new tools permitting licensees to initiate and renew contracts, report music use and pay license fees online. BMI also dramatically increased its royalty processing infrastructure to handle the explosion of music reporting from its many digital licensees, processing more than nine billion feature audio performances during the year. The strategic use of technology in all of these initiatives permitted BMI to grow its business while lowering overhead to 11.7%, the lowest in the company’s history.

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