BMI reports record-breaking revenues of US$977 Million

Broadcast Music Inc. (BMI), who collects license fees on behalf of acts like Taylor Swift, Pink, Adam Levine and Nicki Minaj, has reported record-breaking revenues of US$977 million for its fiscal year ending June 30.

BMI has also reported the highest royalty distributions in the company’s 75-year history, having administered more than US$840 million to its songwriters, composers and music publishers.

BMI has said it attributes the growth to its “continuous drive to diversify its sources of revenue.” In the past 12 months, the company’s largest revenue stream for its domestic operations came from digital services, international sources and from retail and hospitality businesses such as bars, hotels, fitness facilities and restaurants.

BMI President and Chief Executive Officer Michael O’Neill said in a statement, “BMI has a well-earned reputation as a trusted broker between the creative community and businesses that perform music to enhance their customer experience. In an ever-evolving marketplace for music rights, our leadership, operational expertise and ability to deliver value at so many different levels to our songwriters, composers, publishers and licensees, enables us to maximize royalties for the creative community.”

BMI also represents television and film composers; Robert Lopez and Kristen Anderson-Lopez’ Oscar-winning song Let It Go, from the highest-grossing animated film of all time, Frozen, topped the charts in more than 30 countries.

In the last financial year BMI processed more than 500 billion copyright transactions reported from more than 650,000 music licensees across all business sectors.