BMI says it has once again broken revenue records by generating $1.199 billion for its fiscal year that ended June 30. From that revenue BMI distributed and administered $1.118 billion in royalties to its songwriters, composers, and publishers, an increase of $95 million (9%). So where did all this new revenue come from?
The $1.118 billion in total distributions includes domestic and international royalties, as well as royalties from direct deals that BMI administers on behalf of its publishers. Distributions from these direct deals totaled $53 million, a $17 million increase over the previous year, representing approximately 5% of BMI’s total distribution.
The company’s revenue growth was driven by strong gains in the digital sector, as well as increases in general licensing and international revenues. BMI’s digital revenue grew 32% to $215 million thanks in part to new deals with Amazon, Apple Music, Hulu, Netflix, YouTube, Sound Cloud, and Spotify, as well as expansion into new digital markets including social media with Facebook and the fitness app Peloton. Digital now represents 24% of the company’s total domestic revenue.
General licensing, which encompasses 18% of BMI’s total domestic revenue and is generated from businesses like bars and restaurants, hotels and fitness centers, along with other income, posted record results of $156 million, a 5% gain year-to-year. The company added 15,000 new businesses to its growing portfolio.
Total domestic revenue, which is comprised of digital media, traditional television and radio, cable, and satellite, and general licensing, grew to a record $880 million, up 5% over the prior year. Revenue from cable and satellite sources generated the largest portion of BMI’s domestic revenue at 33%, while traditional television and radio revenue accounted for 25% of the overall domestic total. BMI does not break out radio alone. We asked.
BMI’s international revenue grew $25 million to an impressive $319 million, up 9% over the previous year.
The company says it distributes nearly 90 cents of every dollar directly back to its songwriters, composers, and publishers.
