We’re in a peculiar time right now, where despite the impact of the Covid-19 pandemic on individual musicians’ incomes, we’re also seeing announcements by industry bodies, major music companies and collecting societies of positive (and even still record-breaking) figures for their businesses. The latest is US society BMI for its last financial year, which ended on 30 June – so included just over a quarter of Covid-19 affected business. Still: records.
BMI generated revenues of $1.31bn that year, and distributed $1.23bn of them to its membership of songwriters, composers and publishers. There was a Covid-19 impact though: BMI said that it “absorbed a $60 million negative impact to its revenues” due to the pandemic. On the positive side, revenue from digital sources grew by 16% to $302m, making this the first year when it has been the largest source of BMI’s collections.