BMI annual revenue breaks $1 billion

bmi canvasBMI reported revenue of $1.06 billion for its fiscal year ending June 30, the highest it has posted in the company’s history. It also distributed $931 million to its songwriters, composers, and publishers, another record high on the back of a 6% on-year increase. Digital revenue increased 50% to $152 million for the year. BMI inked several deals in that space with businesses including Pandora, Apple Music, Microsoft, Sony’s PlayStation Video, and Slacker.

Despite the positive results, it wasn’t all smiles at the BMI camp. “The ability to provide our songwriters, composers and publishers with our largest royalty distributions to date proves that the current marketplace is working efficiently, a fact the DOJ has undermined with its recent interpretation of our consent decree,” President and CEO Mike O’Neill said. “As of now, the DOJ’s interpretation will disrupt these efforts, stifle creative freedom for songwriters, limit choices for music users and bog down the marketplace. We are determined not to let that happen.” The Department of Justice ruling in question determined that performing rights organizations cannot withdraw digital rights from bundled licenses and it further granted full-works licensing in compositions with multiple rightsholders.

Anna Washenko