BMI has reported record revenue of $1.199 billion for the fiscal year ending June 30th. The PRO distributed and administered a record $1.118 billion in royalties to its songwriters, composers and publishers, an increase of $95 million, or 9% higher than the previous year.
The $1.118 billion in total distributions includes domestic and international royalties, as well as royalties from direct deals that BMI administers on behalf of its publishers. Distributions from these direct deals totaled $53 million, a $17 million increase over the previous year, account for about 5% of the PRO's total distribution for the period.
BMI's revenue growth was driven primarily by the digital sector, as well as increases in general licensing and international revenues. Revenue from digital was up to $215 million (32%) through new deals with Amazon, Apple Music, Hulu, Netflix, YouTube, SoundCloud and Spotify. Digital now represents 24% of the company's total domestic revenue.
During the period, BMI also struck new deals with social media companies such as Facebook, who has been eyeing the music streaming business.
Total domestic revenue, which is comprised of digital media, traditional television and radio, cable and satellite, and general licensing, grew to a record $880 million, up 5% over the prior 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. 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," BMI President & CEO Mike O'Neill said.