BMI has set a new revenue record, generating $1.199 billion for the financial year ending June 30.
The company distributed and administered $1.118 billion in royalties to its songwriters, composers and publishers, which represented $95 million increase from the previous year.
“Thanks to the incredible creativity of our songwriters, composers and publishers, BMI was once again able to generate record revenue and distributions on their behalf,” said BMI’s President and CEO Mike O’Neill.
“While we are proud of achieving these results, we will always strive to do better. BMI will continue to advocate for our affiliates, ensuring that all songwriters and composers can continue to earn a living creating the music that is loved all over the world.”
The revenue growth was driven by strong increases in digital, with its revenue from the sector growing by 32% to $215 million, in part due to new deals with Amazon, Apple Music, Hulu, Netflix, YouTube, SoundCloud and Spotify.
New deals with Facebook and fitness app Peloton also helped growth, while general licensing and international revenues were up too in the last financial year.
