Despite Record Revenues, BMI Cuts 30 Employees

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Performance Rights Organization BMI is cutting just under 10% of its workforce. Those cuts are being made despite the fact that the organization hauled in over $1 billion in annual revenue.

Billboard was first to report the cuts after obtaining an internal email from CEO Mike O’Neill that outlined the “difficult actions.” “After a careful and comprehensive review process, we are reducing BMI’s total workforce by just under 10% through a combination of headcount reduction and not filling a number of current open positions. This impacted most departments and is effective immediately.”

In 2021 BMI set a record for the company with it’s distribution of $1.3 billion to songwriters, composers and publishers. An 8% increase over 2020. Something O’Neill acknowledged in his note to employees. “I appreciate that you may wonder why, when we regularly highlight how we continue to outperform the competition, this year included, we need to take these difficult steps,” the executive wrote. “It’s a fair question, but our success does not mean that we shouldn’t also take a critical look at our business and ensure we are operating in the most efficient and effective way possible, particularly as we head into uncertain economic times.”

Read the entire Billboard article on the cuts HERE.

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