BMI Revenue Down 3% In Fiscal 2012 Due To Radio Royalty Settlement
September 21, 2012
Broadcast Music, Inc. (BMI) has reported its revenue for the company's fiscal 2012, which ended June 30. BMI reported $898.8 million in revenue, as well as distributable royalties of $749.8 million for the year. BMI’s revenues are down approximately three percent from fiscal year 2011, which it attributed primarily to its "new agreement settling a rate litigation with the Radio Music Licensing Committee (RMLC) – the association that represents the vast majority of U.S. radio stations." Excluding the financial impact of the radio settlement, BMI revenues would have been up by more than four percent. A total of 40 billion performances from BMI’s catalog of 7.5 million musical works were processed during fiscal year 2012. BMI distributed payments on the largest number of individual musical works in its history in 2012.
"BMI has weathered the economic storm remarkably well considering the negative conditions that have impacted many of our revenue sources," said BMI President/CEO Del Bryant. "Our distributions to music publishers and songwriters have remained predictable and reliable. Even with the retroactive radio settlement and a challenging financial landscape, we have still been able to return nearly 84 cents of every dollar we have generated back to our publishers and songwriters. Our performance in fiscal year 2012 under these difficult conditions is a testament to our prudent fiscal management and to our resolve to responsibly manage the copyrights and income entrusted to us by our publishers and songwriters."