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Revenue from licensing music for digital streaming has meant big revenue bumps for agencies like BMI and Ascap. Perhaps it’s time for the “B” in BMI to stand for “billion”—as in $1 billion in annual revenue. The music agency, whose full name is Broadcast Music Inc., announced Thursday that it set an industry record by raking in $1.013 billion over the year ending June 30. That’s BMI’s highest yearly revenue ever, and it squeaks by the $1.001 billion reported earlier this year by ASCAP, BMI’s main rival for handling music licensing and artists’ songs for play on radio, television, streaming media, and other platforms. BMI and ASCAP — the latter of which said it was the first performing rights organization to top $1 billion — have increased their revenue in recent years even as the music industry on the whole remains in flux due to evolving distribution models. The increase comes amid higher consumption of digital music, which requires streaming services like Pandora P 0.38% , Spotify, YouTube GOOG 1.15% , and Apple Music AAPL 2.09% to pay BMI and ASCAP royalties to stream songs by their songwriter members. Together, ASCAP and BMI represent a reported 90% of songs released commercially in the U.S. BMI's roster of artists includes Taylor Swift, Lady Gaga, and Lil Wayne.
TechMusic Royalties Adjusted: Did Taylor Get Her Way?
By Don ReisingerDecember 17, 2015
Tim Cook, chief executive officer of Apple Inc., speaks during the Apple World Wide Developers Conference (WWDC) in San Francisco, California, U.S., on Monday, June 8, 2015. Apple Inc., the maker of iPhones and iPads, will introduce software improvements for its computer and mobile devices as well as reveal new updates, including the introduction of a revamped streaming music service. Photographer: David Paul Morris/Bloomberg *** Local Caption *** Tim Cook
TechApple Music Could Catch up to Spotify in 2016
By Tom Huddleston Jr.December 17, 2015
Spotify Will Tell You Which Star Wars Character You’re Most Like
Arts & EntertainmentSpotify Will Tell You Which Star Wars Character You’re Most Like
By Benjamin SnyderDecember 15, 2015
Adele Announces North American Tour Dates
Arts & EntertainmentAdele Announces North American Tour Dates
By Tom Huddleston Jr.December 14, 2015
Taylor Swift '1989' World Tour - Brisbane
Arts & EntertainmentTaylor Swift and Spotify Could Get Back Together
By Jonathan ChewDecember 9, 2015
Pandora CEO Brian McAndrews
TechWhy is the CEO of Pandora Arguing Against Free Music?
By Mathew IngramDecember 2, 2015
Tidal Launch Event NYC #TIDALforALL
TechJay Z’s Tidal Names Yet Another New CEO
By Daniel RobertsDecember 2, 2015
The 2014 ESPYS - Show
TechDrake is Spotify’s ‘Most-Streamed Artist’ of 2015—But There’s a Catch
By Don ReisingerDecember 1, 2015
Jimmy Iovine At The Apple Worldwide Developers Conference (WWDC)
TechApple Music Will Come to Sonos Speakers on Dec. 15
By Kia KokalitchevaNovember 30, 2015
Starbucks Holds Annual Shareholders Meeting
LeadershipThe 6 most generous CEOs of 2015
By Ben GeierNovember 26, 2015
85th Annual Academy Awards - Show
TechThanks to Adele, Pandora Says ‘Hello’ to a Stock Price Bump
By Kia KokalitchevaNovember 25, 2015
London Celebrity Sightings - October 23, 2015
Arts & EntertainmentAdele Will Not Stream ’25’ on Spotify
By Benjamin SnyderNovember 19, 2015
Spotify CEO Daniel Ek Makes Announcement
MPWInspired By Its Swedish Roots, Spotify Gives Moms and Dads 6 Months Leave
By Valentina ZaryaNovember 19, 2015
Pandora To Raise $231 Million With Sale Of 10 Million Shares
TechRdio Will Shut Down and Sell Some of Its Assets to Pandora for $75 Million
By Kia KokalitchevaNovember 16, 2015
Spotify Press Announcement
Arts & EntertainmentSpotify Names Its Most-Streamed Track of All Time
By Victor LuckersonNovember 12, 2015
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