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ASCAP total revenue crossed $1bn mark for the second consecutive year

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The American Society of Composers, Authors and Publishers’ (ASCAP) total revenues topped $1.227 billion in 2018. This is an increase of 7% over the previous year.

It is the second year in a row that the company’s distributions crossed the $1 billion mark. Royalties of $1.109 billion were paid to member songwriters, composers and publishers in 2018, up 10% year-over-year.

ASCAP Chief Executive Officer Elizabeth Matthews said, “ASCAP’s outstanding 2018 results were driven by our team’s laser focus on making smart, strategic deals to yield growth and stability for our members. Four years into our six-year strategic plan, we are seeing healthy year-over-year compound annual revenue growth rates averaging 7%.”

The company’s domestic revenue from US music licensing surpassed the prior year by 7% to hit $906 million. Audio streaming revenue was up by 25% and Audio Visual by 7% year-over-year.

“In 2018 alone, our commitment to efficiency and innovation allowed us to pay more than $100 million more to our members in distributions than the prior year all while we continue to take the steps necessary to protect their future. Above all, we owe our success to the popularity of the ASCAP music repertory, which is beloved and enjoyed by listeners around the world on every platform.” Matthews added

ASCAP’S foreign revenue

The company secured a total of $321 million in 2018 foreign revenue, an increase of 7% over the prior year. ASCAP’s international affairs team achieved this growth via in-depth engagement with collection societies outside of the United States.

ASCAP Chairman of the Board and President Paul Williams said, “2018 was a year of great progress for songwriters and composers with the passage of the Music Modernization Act. As we go forward, ASCAP will continue to put its resources toward securing every dollar earned by our members and advocating to ensure that they can have a sustainable livelihood.”

General and Background revenue, which covers more than 800,000 bars, grills, taverns, hotels, retail stores, fitness centers, and other businesses, grew by 9%.

Domestic distributions from ASCAP-licensed and administered performances in the US increased to $814 million, up by 12.5% over 2017. Foreign distributions totaled $295 million, an increase of 4%.

 

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Abhishek Singh

Author: Abhishek Singh

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