The recorded music industry has been suffering pronounced declines, thanks to an ever-shrinking CD.
But other sectors of the music business are experiencing far different outcomes. Just recently, performance royalty collection society BMI posted record revenues and artist payouts during its recent fiscal year. The company, a non-profit organization, raked $839 million in revenues for the year ending June 30th, according to information disclosed Tuesday. That allowed artist payouts of $732 million, a jump of eight percent over year-ago totals.
The group credited the results to an ever-expanding number of media outlets, a shift that generates more licensing opportunities. Revenues from cable, satellite radio and video offerings grew $11 million during the period, and BMI licensed nearly 500 new digital media properties over the span. BMI also credited a strong portfolio of songs, a critical factor for growth. “The dynamic growth and continued popularity of the BMI catalog have made these outstanding financial results possible at a time of unprecedented change in the media and entertainment business,” said BMI president and chief executive Del Bryant. More traditional outlets like restaurants and hotels also showed strong gains.