NEW YORK (CelebrityAccess) — Performance rights organization Broadcast Music Inc, announced it achieved record-setting revenue and royalty distributions for 2022 fiscal year, which ended on June 30th.
According to BMI, it distributed and administered $1.471 billion to rightsholders, up by 10% or $136 million from the previous year and represent the highest reported public performance revenue and royalty distributions of any music rights organization in the world. During 2022, BMI also recorde revenue of $1.573 billion, up by $212 million or 16% year over year.
BMI’s total distributions of $1.471 billion covers both domestic and international royalties, as well as s distributions from direct deals between BMI publishers and digital service providers that BMI administers. The direct deals represent about 3% of BMI’s overall distribution, which totaled $49 million in 2022, which is 36 million lower than in 2021. BMI attributed the shortfall to certain licensing partners have decided to forego direct deals and have renewed licensing agreements with BMI.
Revenue from digital sources represented the lion’s share of BMI’s revenue for 2022, accounting for $572 million. That figure improves on 2021’s results by $149 million, or 35%. According to BMG, growth was seen across the entire segment, most notably with subscription video-on-demand services such as Netflix, Disney+, AppleTV+ and Peacock.
During 2022, BMI also secured new digital audiovisual agreements with Roku, Vudu, Equinox+ and Snapchat, among others.
Total domestic media licensing revenue, including cable & satellite, broadcast television and radio, came in at $479 million, up by 2% or $7 million year-over-year.
General Licensing and other income accounted for revenue of $140 million, up by 10% year-over-year.
“We had an exceptionally strong year thanks to the incredible popularity of the BMI repertoire, allowing us to deliver the highest royalty distributions in BMI’s history,” said Mike O’Neill, President & CEO, BMI. “Providing this financial stability to our outstanding creative community is a gratifying culmination of BMI’s efforts every day on behalf of our songwriters, composers and publishers. Moving forward, we will continue to maximize the value of our affiliates’ music and ensure that our company is well positioned to deliver growth for our creators and copyright owners well into the future.”
