Eddy Cue

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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
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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.
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Apple Music: Money, power, and Taylor Swift

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June 22, 2015
Tim Cook, Jimmy Iovine
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Apple exec: Apple Music puts artists ‘in control of their music’

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June 10, 2015
Eddy Cue, Apple

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Four ways Apple could have the “best” product pipeline ever

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Apple’s Cue hints at major product announcements

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