ASCAP delivers record $1b revenue for third consecutive year
ASCAP – the American Society of Composers, Authors and Publishers – delivered a record US$1.059 billion in 2016, according to figures released overnight.
This was the association’s third record revenue in three consecutive years.
It distributed over $918 million to its 600,000 songwriter, composer and music publisher members. This represented a 5.6% rise from 2015.
2016 was the second year of its six-year strategic transformation plan “to secure the future for music creators and publishers in the rapidly changing music world.”
Revenues from ASCAP’s licensing efforts in the U.S. alone grew nearly 6% to $759 million, up $42.2 million over 2015.
This was primarily due to a 41% revenue rise from audio streaming services, said ASCAP. This figure follows the announcement by the RIAA last week that streaming now makes up more than half of revenues in the US.
It also generated more monies from satellite radio and General Licences such as bars, clubs, restaurants, hotel and, live concerts.
General Licensing revenues continued to rise through 2016, continuing a 7.2% annual growth rate over the past four years. ASCAP licensed over 18,000 new businesses in 2016.
Foreign revenues totalled $300 million, up $1.5 million year over year in U.S. dollars. This represented a 10% increase over the $573.5 million paid out in 2015.
ASCAP pointed out that international revenues would have exceeded last year’s performance by $12.9 million had it not been for the strengthening U.S. dollar, which resulted in lower foreign exchange rates.
ASCAP CEO Elizabeth Matthews commented: “ASCAP’s record high revenues and distributions in 2016 are a testament to the amazing repertory of music we are privileged to represent, and to our investment in innovations that enable us to continue to grow revenues, leverage our scale and increase efficiencies in our operations.
“ASCAP is committed to transforming and innovating to secure a healthy future for music creators and publishers. I
“In 2016 alone, we processed over one trillion performances, welcomed 40,000 new members (including Fetty Wap, Kelsea Ballerini and OMI) and secured a steady stream of future royalties for our members by closing multi-year deals across all major platforms, including satellite and terrestrial radio.”
ASCAP President and Chairman, songwriter Paul Williams added: “ASCAP’s strong financial results matter for each and every songwriter, composer and music publisher who makes a living from our creative work, from those just starting out to those whose music is beloved around the world.
“I am also incredibly proud that ASCAP continues to lead the fight for much-needed changes to U.S. music licensing regulations that are grossly unfair to songwriters and copyright owners.”
ASCAP songwriters wrote or co-wrote nine of the top 10 songs on the Billboard Hot 100 year-end chart, and wrote 14 of Billboard’s year-end chart-topping songs.
Chart-topping members included Justin Bieber, Noah “40” Shebib, Justin Timberlake, Max Martin, Shellback, Ashley Gorley, Drew Taggart, William Larsen, Enrique Iglesias, Mhmd Rahman, Silverio Lozada, Matt Crocker, Joel Houston, Salomon Ligthelm and Matthew West.