Broadcast Music Inc. said that it will distribute more than $732 million in royalties collected from airplay on radio, TV and the Web for its 2006–07 fiscal year.
The money will be paid to the songwriters, composers and copyright owners it represents. The figure represents an 8% increase over the prior year.
BMI attributed the rise in revenues to its robust music catalog, the successful licensing of music across a range of media and revenue growth in foreign markets.
Broadcast TV and radio made up 40% of revenue, and cable and satellite accounted for 19%, BMI reported.