Musicians Making Lots Of Money, Money, Money...

from the but-wait... dept

Jeremiah writes "Amidst the public ballyhoo about how rampant P2P piracy is costing the music business its very life (gasp! NO!), BMI announced it collected a record level of revenue and royalty payout to its artist members. From their press release: "BMI has reported revenues of $673 million for the 2004 fiscal year, an increase of nearly $43 million, 6.8% over the prior year. Royalties of more than $573 million were distributed to our songwriters, composers and music publishers, an increase of $40 million or 7.5% from the previous year, and the most ever paid by an American PRO." Another interesting tidbit: "During the period 1995-2004, BMI had an average annual revenue growth rate of 9%..." If I read this right, BMI has been reporting solid growth over the last nine years, which makes me question the industry's claims about P2P. Either P2P ate into their growth (not mentioned), they found a way to cope with it (plausible), or it may actually help music sales. Whatever. Reminds me a bit of a spec I did for a life-insurance company's radio ad: Money, Money, Money (mp3 file)."

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  1. identicon
    bob, 4 Sep 2004 @ 4:27am

    Revenue, royalty, and expense

    I think I want to be a BMI executive. They took in 673M and distributed 573M, leaving 100M for expenses like collecting play information, lawyers, salaries, rent, and office parties. Given that most of their data collection is handled by the customers (e.g., radio stations, etc.), and the legal work that goes beyond a threatening letter is small, I'd think that office party budget would be pretty substantial. Of course, I may have underestimated the political contribution fund.

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