(CelebrityAccess) — Broadcast Music, Inc., AKA BMI, closed out their fiscal year 2019 in June, reporting record-breaking revenue of $1.283 billion, representing growth of 7% from last year’s results.
Of that revenue, BMI distribution and administered $1.196 billion to its songwriters, composers, and publishers, which is another record for the PRO, and an improvement of 7% (roughly $78 million) over the previous year.
The results also mark the most reported public performance revenues and highest royalty distributions of any music rights organization in the world, BMI said.
Streaming helped to drive BMI’s performance for the year, with digital revenue hitting $262 million for the year, up by $47 million or 22% from the previous year.
General licensing, which is generated from businesses like bars and restaurants, hotels and fitness centers, along with other income, also saw banner revenue for 2019 of $169 million, up by 8% gain year-to-year and representing 18% of the PRO’s total take.
Revenue from cable and satellite sources accounted for 30% of BMI’s domestic revenue, while traditional radio and television generated 24%.
BMI’s international revenue also reached an all-time high of $340 million, an increase of $21 million, or 7% over the previous year, and driven by the PRO’s repertoire of film, television and songs.
BMI also touted their overhead, noting that they distributed nearly 90% of its revenue to rightsholders. The PRO also noted that for the first time, its affiliate membership topped one million, with 90,000 new songwriters, composers and publishers joining the organization this year.
