ASCAP reported another record-breaking year of revenue in 2024.
The performance rights organization that represents songwriters, composers and music publishers said it had approximately $1.8 billion in revenue in the 2024 calendar year, which marked a 5.7% increase over its 2023 revenue numbers, according to its annual report.
ASCAP also noted a 6.7% increase in year-to-year royalty distributions. Both numbers are the highest increases it has tracked.
The organization has reported growth in each of the last 10 years and said it has an 7% CAGR in revenues since 2015.
In 2024, the organization added musicians such as country’s Kacey Musgraves, classic rock band Def Leppard, pop star Tate McRae and rap artist Sexyy Redd. It said it now has more than one million members.
ASCAP also said the value of member music with domestic revenue from their U.S.-licensed performances totaled approximately $1.3 billion, an increase of 5.3% from 2024. It attributed the increase to streaming audio, AV and general licensing revenues.
Approximately $1.2 billion was distributed domestically to its members, ASCAP said, of which $53 million of that total was distributed through Songwize, its royalty administration service provided to members who directly license their works.
Collections for foreign revenue also increased to a total of approximately $430 million, up 6.8% from 2023 with a 9.8% increase in royalty distribution.
While it is not a nonprofit organization, ASCAP said it provides 90 cents of every dollar collected back to its members as royalties and does not charge a commission or take a profit.
The organization said it represents and aggregates more than 20 million copyrights, including music from Beyoncé, Billy Joel, Dua Lipa, Katy Perry, Jimi Hendrix, Mariah Carey and Olivia Rodrigo.
