Increase continues 18-year trend, largest in co.'s history
Performing rights org BMI reported revenues of nearly $630 million for the 2003 fiscal year, an increase of $55.5 million, or 9.7%, over the prior year.
Revenues were the largest in the company’s history, continuing an 18-year trend of revenue increases, according to BMI president and CEO Frances W. Preston.
BMI distributed royalties of more than $533 million to songwriters, composers and music publishers. Royalties increased by $50.6 million or 10.5% from the previous year. An aggressive adoption of state-of-the-art business tools helped reduce BMI’s overhead by 15.1%.
A 10-year, $1.6 billion accord for new blanket and per-program agreements with the radio industry contributed to the results. The substantial increases negotiated by BMI, however, apply to license payments from 2004 through 2006.