BMI Announces Record Revenue of $1.31 Billion

closed its fiscal year with record revenue and royalty distributions. The company generated $1.311 billion in revenue, a $28 million increase over the previous year and distributed and administered $1.233 billion to its affiliated songwriters, composers and publishers, 3% or $37 million more than last year, according to the announcement.

The $1.233 billion total in distributions includes domestic and international royalties, as well as distributions from direct deals that BMI administers on behalf of its publisher and digital service provider clients. Those direct deals, which account for $71 million, represent an increase of $9 million over last year and approximately 6% of BMI’s total distribution.

Revenue from digital sources represented 32% of BMI’s domestic total with $304 million, an increase of $42 million, or 16%, compared to last year. This marks the first time the digital category eclipsed all others. The company saw strong growth from subscription streaming services that feature TV series, movies and music. Notably, BMI entered into new digital audiovisual licensing agreements with Disney+, Apple TV+, HBO Max and Peacock this year.

General licensing, along with other income, came in at $130 million, down $39 million, or 23%, from last year. BMI’s international revenue grew to $350 million, up $10 million, or 3%, over last year. This figure would have been $9 million more were it not for a negative foreign exchange impact.

Source: News Formal (newsformal.com)

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Race to Erase MS Raises $1.4M at Rose Bowl Drive-in EventThe COVID-19-era gala honored the late Jason Davis and featured Andy Grammer, Derek Hough and Siedah Garrett.
Source: THR - 🏆 411. / 53 Read more »

Silver Lake to invest $1 billion in retail arm of India's RelianceReliance Industries Ltd said on Wednesday U.S. private equity firm Silver Lake Partners will invest $1.02 billion in its retail business, helping the Mukesh Ambani-controlled company widen its lead as India's biggest retailer. A retail giant. Does it need the rustic and chic wooden utensils? Owo😀
Source: Reuters - 🏆 2. / 97 Read more »

10 Ways AI Improves Pricing And Revenue ManagementAutomating pricing rules with AI in revenue management systems increase total revenue by 5%.
Source: Forbes - 🏆 394. / 53 Read more »

Today's Headlines: An unprecedented fire seasonCalifornia marked the largest fire season on record as uncontrolled blazes tore across the state and the National Forest Service announced unprecedented closures. 😮😮😮 Mapisirwo arikuita America ka looks like a sign bad news
Source: latimes - 🏆 11. / 82 Read more »

Japan to spend $6.3 billion from emergency reserve for coronavirus vaccinesThe Japanese government approved on Tuesday spending of 671.4 billion yen ($6.32 billion) from emergency budget reserves to secure coronavirus vaccines, the Ministry of Finance said. Teddros warned against another pandemic. Great gesture Japan The responsible thing to do. As Iong as I don't turn into Ponyo, this might be it.
Source: Reuters - 🏆 2. / 97 Read more »

Singapore's Temasek says its portfolio fell for the first time in four years due to Covid-19Temasek's net portfolio value fell to 306 billion Singapore dollars ($223.73 billion) for the financial year that ended March 31.
Source: CNBC - 🏆 12. / 72 Read more »