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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.
Arts & EntertainmentBMI breaks a billion-dollar record
By Tom Huddleston Jr.September 10, 2015
Can media outlets create their own online video stars?
TechCan media outlets create their own online video stars?
By Erin GriffithSeptember 4, 2015
ABC's "Jimmy Kimmel Live" - Season 13
Arts & EntertainmentJimmy Kimmel made fun of YouTube Gaming and people are freaking out
By Michal AddadySeptember 2, 2015
Machinima settles with FTC over misleading Xbox endorsements
TechMachinima settles with FTC over misleading Xbox endorsements
By Kia KokalitchevaSeptember 2, 2015
Hulu goes ad-free for $11.99 per month
TechHulu goes ad-free for $11.99 per month
By Erin GriffithSeptember 2, 2015
PANDORA SUMMER CRUSH 2015
TechAs the music industry changes, Pandora’s tune stays the same
By Erin GriffithSeptember 1, 2015
Facebook video
TechFacebook unrolls new tool to help video owners stop “freebooting”
By Jeff John RobertsAugust 27, 2015
What impact will YouTube’s gaming channel have on Twitch?
TechWhat impact will YouTube’s gaming channel have on Twitch?
By Chris MorrisAugust 26, 2015
YouTube’s service for watching video gaming is about to launch
TechYouTube’s service for watching video gaming is about to launch
By Kia KokalitchevaAugust 25, 2015
"Straight Outta Compton" New York Screening
Commentary2016 election battle: Straight Outta Compton and 4 other surreal social media moments
By Ryan HolmesAugust 22, 2015
People pose with mobile devices in front of projection of Youtube logo in this picture illustration taken in Zenica
TechYouTube opens studio in Bollywood
By Kia KokalitchevaAugust 19, 2015
US-MEDIA-IT-INTERNET
TechBuzzFeed lands $200 million investment from NBCUniversal
By Mathew IngramAugust 18, 2015
Michelle Phan explains how she went from YouTube star to beauty mogul
MPWMichelle Phan explains how she went from YouTube star to beauty mogul
By Kristen BellstromAugust 15, 2015
Comcast offers Stream.
TechComcast said to be launching video service aimed at YouTube
By Mathew IngramAugust 14, 2015
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Arts & EntertainmentWhy Italy’s parmesan makers are threatening to sue PornHub
By Dan MitchellAugust 13, 2015
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