Broadcast Music, Inc. posted revenues of $944 million for the fiscal year that ended June 30.
The music rights management company said revenues increased by $45 million, a 5% gain over the prior fiscal year. BMI cited consistent building of diverse revenue sources, coupled with reducing costs, for the rise.
BMI distributed $814 million to its affiliated songwriters, composers, and music publishers. Royalty distributions increased by $64 million or 9% compared to the previous year. This represents the largest fiscal year revenue posted and royalties distributed in BMI’s 74 years of operation, according to the organization.
New media and digital revenue continued its year-over-year pattern of growth, with revenues exceeding $57 million, a 65% increase over the previous fiscal year, thanks to agreements companies like Netflix, Hulu and other digital entertainment outlets, according to BMI. Licensing revenues from bars, restaurants and other commercial establishments increased 7% over the prior year to $116 million.
The revenue news has been achieved “in a very transitional period for BMI and the music and entertainment business,” says BMI President Del Bryant. “We are alert to the challenges that the restructuring of the industry presents, but we also see unprecedented opportunity. BMI’s dynamic and constantly evolving repertoire is able to reach the public across a myriad of platforms in which music is the core offering, or an essential part of the creative product.”
Michael O’Neill was recently elected BMI’s chief executive officer. He believes what’s impressive about the growth story is BMI’s ability to increase royalties by larger margins than before.
O’Neill was most recently BMI’s senior vice president of Repertoire and Licensing before the Sept. 16 election. He also becomes president of the organization upon Bryant’s retirement in June 2014.