2010 revenue topped off at $935 mil
Performing rights org ASCAP released its final 2010 financial results at its annual general membership meeting in New York on Wednesday.
The figures show decreases from 2009’s record-high revenues, though the org noted that the sagging economy, as well as a reduced interim radio rate, were likely culprits for the downturn.
ASCAP’s 2010 revenue topped off at $935 million, off 6% from last year’s total, though roughly consistent with 2008. The org distributed $845 million to its members over the year, a 2.1% annual decrease.
ASCAP saw its agreement for commercial radio fees expire at the end of 2009, with a U.S. District Court judge setting the interim rate considerably lower than the previous one. The final rates going forward are still subject to negotiations, but will most likely be resolved in 2012.
The org also reported that it gained 32,000 new members over the course of the year, bringing its total to 400,000.