BMI, the leading music rights organization in the US, has apparently disbursed and administered a record $1.335 billion to its composers, publishers, and songwriters. According to the announcement, this is the company's highest dividend ever, up $102 million or 8%, over that of the previous year.
The organization has increased its income and payouts to historic levels in a fiscal year marked by extraordinary challenges due to the coronavirus pandemic.
Furthermore, for the first time, BMI's total domestic license income surpassed $1 billion, owing to an extraordinary development in the digital sector. The firm continues to establish sales milestones, pulling in $1.409 billion, a 7% rise over the previous year. (Due to the new ASC 606 accounting rules, which BMI just implemented, the sales total will be reported as $1.361 billion.)
This year, BMI's affiliate membership increased by 11% to 1.2 million, with over 120,000 new composers, publishers, and songwriters joining the organization.
5 Seconds of Summer, Benny Blanco, Cam, 808 Melo, Rosala, Karol G, Steven Van Zandt, and Saweetie were among the notable new signings. Meanwhile, contracts were renewed with Eric Church, Ingrid Andress, Danny Elfman, J. Cole, Halsey, Teddy Geiger, Mark Isham, James Newton Howard, Lil Jon, Miranda Lambert, Carole King, Horacio Palencia, Ludacris,
Mike O’Neill, CEO and President of BMI, stated that BMI was able to achieve record revenue growth as well as the highest royalty payouts in its history, even in a year marked by the incredible challenges.
Mike also expressed his admiration for the BMI team, which worked tirelessly throughout the year to address the firm's primary objective of minimizing the financial impact of the pandemic on its creative community.
BMI's total payouts of $1.335 billion comprise domestic and foreign royalties, as well as income from direct transactions managed by BMI on behalf of its publisher and digital service provider customers.