BMI has announced that a 24-year streak has not been broken. Maintaining record-breaking revenue and payouts, the company recently posted that the fiscal year ending June 30, 2008 saw $901 million in revenue.
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BMI has announced that a 24-year streak has not been broken. Maintaining record-breaking revenue and payouts, the company recently posted that the fiscal year ending June 30, 2008 saw $901 million in revenue.
The good news doesn’t stop there. During the past fiscal year alone, BMI has taken on over 30,000 new songwriters, bringing them to a total of 375,000 artists. The record revenue is a 7.4 percent increase from that of last year, and close to three fourths is domestic income.
BMI CEO Del Bryant expressed the company’s happiness and explained their success, saying, “Our pro-technology and pro-business attitude has made it possible for BMI to continue to grow our revenues more than 7 percent each year, on average over the past 10 years, almost doubling our income in that period.”
“BMI has been extraordinarily successful in signing the brightest and most popular new music creators across all genres, building upon a repertoire that already includes the most beloved songs of America’s legendary songwriters and composers,” Bryant added.
A large portion of the revenue, $786 million, will go back to songwriters, an 8 percent increase from last year. Factors that helped the increase in revenue included income from both satellite and terrestrial radio.
The BMI roster includes such popular artists as Amy Winehouse, 3 Doors Down, Dwight Yoakam, and new artist Shwayze.
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