Thursday, April 19, 2018

ASCAP Paid Songwriters, Music Publishers More Than $1B For First Time In 2017 | hypebot

Ascap-new logoASCAP announced record revenues and distributions of $1.14 billion in 2017. After 11% operating expenses this marks the first time that the 660,000 members of the performing rights organization have split revenue in excess of $1 billion.

ASCAP is distributing $1.007 billion to its songwriter, composer and music publisher members. Total ASCAP revenues increased by 8^ and distributions were up 10 percent year-over-year. Revenues from ASCAP’s licensing efforts in the US grew nearly 11% in 2017 to $846 million, up $86.9 million over 2016.

Domestic distributions from ASCAP-licensed and administered performances in the US also increased, to $723 million, up 15% over 2016.

ASCAP Chief Executive Officer Elizabeth Matthews commented: “ASCAP is privileged to represent the creators of the world’s best-loved music. ASCAP is securing a strong future for our members by successfully closing key licensing deals and launching innovative digital tools that will enhance the lives of our members and make it easier for licensees to do business with us. Our healthy 2017 financial results are proof positive that we are succeeding in our strategic transformation and our mission to support music creators and music publishers for a sustainable future in the digital economy.”

ASCAP President Paul Williams said: “I am gratified by the hard work that the ASCAP team does every day to make it possible for members of ASCAP to make their living as music creators. 2017 was a year of progress on so many fronts at ASCAP, including important deals that keep money flowing back to creators, technological investments that will keep us ahead of changes in the industry and momentum behind our efforts to reform our outdated music licensing system.”

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