Broadcast Music, Inc. (BMI) has reported record-setting revenues and royalty distributions for its fiscal 2013 year, which ended June 30. Revenues increased by $45 million, a five percent gain over the prior fiscal year, exceeding $944 million. The company also brought in a historic new high in royalty distribution, with $814 million for BMI-affiliated songwriters, composers and music publishers. Royalty distributions increased by $64 million or nine percent compared to the previous year. This represents the largest fiscal year revenue posted and royalties distributed in BMI's 74 year history and tops a five-year period in which BMI generated more than $4.5 billion in revenues and paid out royalties of $4 billion.
BMI President Del Bryant commented, "The success we are reporting today has been achieved in a very transitional period for BMI and the music and entertainment business. 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. As this year’s results demonstrate, we have continued to capture the value that music contributes, and deliver it to our writers, composers and publishers."
Michael O’Neill, BMI’s recently elected CEO, added, "What is most impressive about this year's significant success is not only the diversity and growth in our revenues, but also our ability to increase royalties by an even larger margin. This is the result of a true team effort. I would like to congratulate everyone at BMI for their dedication to service, their diligent attention to the details of our business, and for these great results! Our songwriters, composers and publishers deserve this kind of performance, and we have delivered. To everyone at BMI, job well done!"
New media and digital revenue continued its year-over-year pattern of growth, reaching new record revenues exceeding $57 million, an increase of 65 percent over the previous fiscal year. This achievement was driven in large part by agreements with Netflix, Hulu and other digital entertainment outlets. Licensing revenues from bars, restaurants and other commercial establishments saw a seven percent increase over the prior year to a new benchmark high of $116 million. In addition, international revenues contributed $297 million, more than 30 percent of BMI’s total for the year.
"Music is more pervasive in our lifestyle and across more platforms than ever before," said Bryant. "We are alert to the challenges. But we also firmly believe that BMI has an unprecedented opportunity to serve the industry and public in an expanding marketplace in new and innovative ways, and to reward our songwriters, composers and publishers who are delivering music that is celebrated across the globe."