US-based performing rights association BMI has been having a bumpy time of it in 2022, abandoning plans to explore a sale of the company in August, then announcing a 10% reduction in its workforce later that month.
Now the company has made a further announcement about its future plans: it intends to shift from its current not-for-profit approach and adopt a for-profit model instead.
“We realised that we needed to make certain changes to the organisation in order to be even more competitive in the future,” CEO Mike O’Neill told Variety. “We found that the old model stifled us in terms of investing in BMI, and investing for the future, and that we weren’t able to actually grow… by changing the model, we’re able to bring in financing, we’re able to reinvest in companies, we’re able to profit from those companies and invest those to the benefit of BMI.”
Variety has the full text of O’Neill’s email to staff outlining the plans.
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