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.
Music Ally’s next Learn Live webinar will help you understand what’s required for artists to thrive in new international markets!