In a fiscal year full of unprecedented challenges due to the Kovid-1 pandemic epidemic, BMI has raised its revenue and distribution to record-setting levels. The company announced that it had distributed and managed a record $ 1.335 billion for its lyricists, composers and publishers – its highest distribution, 10 102 million or 8% more than last year – according to the announcement.
In addition, BMI’s total domestic licensing revenue exceeded $ 1 billion for the first time, driven by unprecedented growth in the digital sector. The company continues to set revenue records, bringing in 1. 1.409 billion, an increase of 7% over last year. (Due to the new ASC 606 accounting guidelines recently adopted by BMI, it will report total revenue of $ 1.361 billion.)
BMI’s affiliate membership has grown 11% this year to 1.2 million, with nearly 120,000 new lyricists, composers and publishers joining the organization. Notable new signatures include Benny Blanco, 5 Seconds of Summer, 808 Melo, Cam, Carol G, Rosalia, Sweetie and Steven Van Zandt, when the contract was renewed with Ingrid Andres, Eric Church, J Cole, Danny Elfman, Teddy Ziger, Hal . , James Newton Howard, Mark Isham, Miranda Lambert, Lil John, Lil Nass X, Carol King, Ludacris, Horacio Palancia, Thomas Ratt, Ed Sheeran, Sting and many more.
“In a year marked by incredible challenges, the power of music is stronger than ever,” said Mike O’Neill, president and CEO of BMI. “BMI was again able to show record growth with revenue and the largest royalty distribution in our history. I am very proud of the team at BMI, who have been focusing on our priorities throughout the year to reduce the financial impact of the epidemic on our creative community. We are not only able to provide this stability to our lyricists, composers and publishers, we are very happy to be able to increase the value of the BMI collection now and in the future. ”
The ASC 606 Accounting Guidelines have changed BMI’s revenue recognition policy. As a result, any revenue collected by BMI in the previous financial year, but collected and distributed in the current financial year, is not related to the final reported revenue. The new accounting guidelines have primarily affected digital and international revenue, and BMI has had no impact on the $ 1.335 billion it has distributed and managed to its affiliates this year, the announcement said.
BMI’s total distribution of 1.35 billion includes domestic and international royalties and BMI distributes directly from deals to its publishers and digital service providers. About 6% of BMI’s total distribution that contracts directly, totaling $ 85 million, marked an increase of 14 14 million over the previous year.
BMI’s record performance of total domestic revenue, combined with the digital, media and general licensing categories, was driven by a 47% increase in digital licensing revenue, which closed at 44 448 million for the year. BMI will report this number as C 423 million per ASC 606 accounting guideline.
Digital audiovisual services have made significant contributions to growth, with new deals with several fast (free ad-supported TV) services, a strong increase in subscription video-on-demand services, including Disney +, Hulu and Netflix, and the expansion of live-to-streaming, thanks to Apple, Amazon. , The movie premieres on movies like YouTube and Fandango Now. The company has new licensing agreements with Fortnite and new agreements with Spotify and Pandora, among others.
The growth of BMI in digital has helped reduce the decline in the media licensing and general licensing categories due to the epidemic. Total domestic media licensing revenue, including cable and satellite, broadcast radio and television, fell 11% to $ 469 million from a year earlier. BMI will report this number as C 472 million per ASC 606 accounting guideline. Of these, revenue from cable and satellites remained the largest contributors, up from মূলত 269 million originally last year.
The ongoing impact of the epidemic on advertising and BMI’s rate court settlement with the industry have resulted in a reduction of ৫০ 50 million per year for radio, including the one-time reverse payment included in last year’s radio toll. Broadcast television came in at 95 955 million, which is%% less than last year.
The general licensing sector, which includes businesses such as live concert venues, bars, restaurants, fitness centers and other revenue streams, fell 2% to 127 million a year. The department, which saw a 23% decline last year, is starting to rebuild as businesses across the country reopen.
International revenue has risen to $ 365 million this year, up 15 15 million or 4% from last year. However, due to ASC 606 accounting guidelines, that number has been reported as $ 339 million.
The company has processed 1.98 trillion performance, which is 13% more than last year. This included 1.95 trillion digital dramas, highlighting the continued growth of the digital streaming and audiovisual sectors. BMI has increased the number of its licensed musical instruments by 10% this year, BMI’s new total is now 18.7 million.