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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.
Retail
Billboard will soon include music streams and digital downloads
By John KellNovember 20, 2014
Taylor Swift.
Tech
Taylor Swift’s Spotify paycheck mystery
By TIMENovember 12, 2014
YouTube is finally launching its subscription music service (in beta)
Features
YouTube is finally launching its subscription music service (in beta)
By Tom Huddleston Jr.November 12, 2014
People pose with mobile devices in front of projection of Youtube logo in this picture illustration taken in Zenica
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YouTube streaming service on the horizon after deal with indie labels
By Laura LorenzettiNovember 12, 2014
Taylor Swift.
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Spotify CEO ‘really frustrated’ with Taylor Swift
By TIMENovember 11, 2014
Pandora CEO Brian McAndrews
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These go to eleven: Pandora’s plans for growth
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Kiedis and bass player "Flea" of the rock band Red Hot Chilli Peppers perform at the Rock in Rio Music Festival in Rio de Janeiro
Tech
Warner Music is first major label to sign licensing deal with SoundCloud
By Tom Huddleston Jr.November 4, 2014
Taylor Swift.
Tech
Spotify tries to lure Taylor Swift back with a playlist
By TIMENovember 4, 2014
Southwest Airlines Is now offering free Beats music
Tech
Southwest Airlines Is now offering free Beats music
By TIMENovember 3, 2014
Taylor Swift.
Tech
Taylor Swift just removed her music from Spotify
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Bono is sorry for dumping a new U2 album onto your Apple device
Tech
Bono is sorry for dumping a new U2 album onto your Apple device
By TIMEOctober 15, 2014
Apple CEO Tim Cook stands with Irish rock band U2 as he speaks during an Apple event announcing the iPhone 6 and the Apple Watch at the Flint Center in Cupertino
Retail
81 million people listened to the U2 album Apple gave away
By TIMEOctober 9, 2014
2013 Austin City Limits Music Festival - 1st Weekend - Day 3
Features
Is the ‘bundle’ the new record store?
By Melissa LockerSeptember 30, 2014
Tower Records in Tokyo, Japan
Tech
No, Japan is not an oasis for CD sales
By Chris MatthewsSeptember 18, 2014
Apple CEO Tim Cook stands with Irish rock band U2 as he speaks during an Apple event announcing the iPhone 6 and the Apple Watch at the Flint Center in Cupertino
Retail
Can you erase the new U2 album? Achtung maybe
By Laura LorenzettiSeptember 16, 2014
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