US collecting society BMI has announced its figures for its last financial year, and despite the Covid-19 pandemic it managed to both collect and distribute record amounts to its songwriter, composer and publisher members.
BMI says it brought in $1.41bn of revenue, up 7% year-on-year, and paid out $1.34bn of it, up 8%. The company also noted that its fiscal 2021 was its first year when domestic licensing revenues from the US passed $1bn.
Digital played its part in the strong figures: BMI’s digital licensing revenues grew by 47% year-on-year to $448m. Ad-supported TV, subscription video services like Disney+ and Netflix, and direct-to-streaming film premieres on the platforms of Apple, Amazon and YouTube contributed to that growth.
Oh, and this: a new licensing agreement with Fortnite, which is one of the first such deals with that game that we’ve seen a collecting society reveal.