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Songwriting /Publishing Business Grows |
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Wednesday, 03 September 2008 |
 In spite of a slow economy, the songwriting/publishing business is indeed flourishing. It was announced that BMI is distributing a record $786 million. This is an 8% increase over last year.
 In spite of a slow economy, the songwriting/publishing business is indeed flourishing. It was announced that BMI is distributing a record $786 million. This is an 8% increase over last year. The revenue income to BMI was $901 million for the year. The increase in revenue reflects the increasing number of country radio stations across the country, growth in revenue from ringtones, etc. NAB reports that $786 million came from radio royalties. In addition to that, the licensing companies have become much more sophisticated in technologies that aid collection of royalties from music in retail establishments, including bars, etc. BMI now licenses more than 6,500 digital media properties, an increase of more than 50% over the previous year. International revenues grew more than 26% at $238 million.
Please understand that all this money is from performances. It has nothing to do with sales (mechanical) royalties. This money comes directly to publishers from the record labels or collection agencies such as the Harry Fox Agency, etc. This is really good news for those who are getting songs cut and it also gives renewed hope to those who are beginning in the songwriting and publishing businesses.
Remember the 70’s pop group Little Feat? Even though you don’t hear much about them anymore, they have maintained a loyal fan base as they work all over the world. They have a new CD released that includes Vince Gill, Bob Seger, Brad Paisley, Emmylou Harris, Brooks & Dunn, Dave Matthews and Jimmy Buffett. “Since I was about 18 or 19, they’ve been my favorite band”, Vince told Associated Press. That’s strange; we would think Vince's favorite band would be Pure Prairie League, of which he was a member. I remember years ago doing promotion on their hit “Amy”. We are looking forward to the Little Feat CD. More about that in the forthcoming September E-News. |
