Music rights management company Broadcast Music Inc. (BMI) announced record-breaking revenue and royalty distributions for the fiscal year that ended June 30. The organization’s total revenue was $1.013 billion, more than any other music rights organization worldwide. In turn, BMI distributed and administered $877 million to affiliated songwriters, composers, and music publishers, marking a 4.5% increase over the previous year. Revenue sources included Amazon, Apple, Netflix, Pandora, Spotify and YouTube, among many others. International revenues accounted for $292 million, despite significant economic challenges overseas.
In a press release, the company pointed out that its historic revenue performance came in the same year the company prevailed in a groundbreaking rate-setting case against Pandora, following a nearly two-year legal battle. The decision established that publisher marketplace agreements can be taken into account as benchmarks when determining rates, an important step forward in valuing music today.