ASCAP PAYS OUT $1B FOR THIRD YEAR IN A ROW

ASCAP reported record-breaking financial results for the fifth year in a row as 2019 revenue topped $1.27b, a $47m increase over 2018. Royalty distributions to ASCAP members also hit a record high.

The PRO paid out $1.184b in royalties to songwriter, composer and publisher members. It’s the third consecutive year ASCAP has paid out more than $1b.

ASCAP collected $945m domestically in 2019, a $39m spike that owes largely to the increase in audio streaming. Domestic distributions totaled $869m while foreign distributions were $315m.

“We know that our members are concerned about the economic impact of the COVID-19 crisis on their royalties in 2020 and beyond,” said ASCAP Chief Executive Officer Elizabeth Matthews. “Fortunately, ASCAP closed a record number of multi-year licensing deals in 2019 and instituted immediate operational changes and expense cuts in early March 2020. As a result of these efforts, while collection efforts are increasingly challenging, our first quarter 2020 royalty distributions have proven to be among our highest ever. Hopefully, this distribution will provide a cushion to members to help weather the storm of COVID-19.”

ASCAP Chairman of the Board and President Paul Williams added: “Our focus now is on the future, and fighting for our members. The ASCAP team is working tirelessly on behalf of our members to navigate through this crisis and protect their livelihoods, even in these challenging times.”