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| BMI Tops $900 Million Mark in Revenues |
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8.29.2008
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BMI — Broadcast Music Inc. — said it earned more than $901 million in revenues for its 2008 fiscal year, a 7.2% increase from the previous year.
The music copyright organization said this is the first time such a group has topped the $900 million mark for music performance revenues.
BMI will disburse more than $786 million to the 375,000 songwriters, composers and copyright owners it represents, an 8% percent increase over the prior fiscal year.
It generated $664 million in domestic licensing income, an increase of 8% or $51 million over the prior year. That growth came from music licensing for cable, satellite radio and satellite television, which combined accounted for more than $208 million, accounting for more than 23% of the company’s consolidated revenue.
Yet, radio and television accounted for the lion’s share at $340 million, or about 38% of revenue.
BMI’s fiscal year ended June 30.
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