Beasley & Big Machine Ink Revenue Sharing Agreement
February 5, 2013
Beasley Broadcast Group is the latest radio owner to announce a licensing agreement with Big Machine Label Group to share certain over-the-air broadcast and digital revenue related to the use of Big Machine’s Music.
"In our 50-plus years in radio," says Chairman/CEO George G. Beasley, "Beasley Broadcast has witnessed many changes in the way broadcasters deliver music to listeners. More importantly, we have put our money where our mouth is by participating in technological advancements and adjusting our business when we felt it benefited our Company and industry. Our new agreement with Big Machine represents a forward thinking way of doing business with Beasley bringing to the table dominant country-formatted radio stations in Philadelphia, Miami, Las Vegas, Fayetteville, NC and Augusta, GA. Working together is consistent with one of our core beliefs – that to maintain relevancy, radio must continually adapt to the current environment."
Through this agreement, Beasley will share a percentage of its on-air revenues with Big Machine Label Group, and its artists such as Taylor Swift, Tim McGraw, Rascal Flatts and Reba. Big Machine has also agreed to an innovative approach to allow digital simulcasts of the over-the-air signals by Beasley Broadcast to scale affordably to support the growth of Beasley's digital platform.
"This new relationship opens the door for incredible digital broadcast opportunities between Beasley’s portfolio of radio stations and Big Machine’s talented artists," says EVP/CFO Caroline Beasley. "It is a testament to how the free market should work. Today’s radio listener will accept nothing less than compelling audio and visual content on-the-air and on their smartphone, tablet and computer…anytime, anywhere."
"The Beasleys have always been innovators and great entrepreneurs with extraordinary vision. Their brand is the gold standard in the industry and we are honored that we share the same vision as we move forward with our mission to help support and grow online digital broadcasting while also supporting our artists in the over-the-air world," says Big Machine Label Group CEO Scott Borchetta. "This is a very exciting time as radio and the recorded music industry collaborate to deliver premium experiences and convenience for users."
"It’s an honor to be working with Big Machine Label Group," says Caroline Beasley. "Scott Borchetta represents the cutting edge in the way labels interact with broadcasters. It’s no wonder artists of the caliber of Taylor Swift and Tim McGraw call Scott’s company home and I’m certain many others are setting their sights on Big Machine."