The American Society of Composers, Authors and Publishers (ASCAP), has announced record-breaking revenue for the fourth year in a row. The organization collected approximately $1.1 billion in revenues last year and distributed for the first time more than $1 billion to its songwriter, composer and music publisher members which total around 66,000.
Total ASCAP revenues increased by 8 percent and distributions were up 10 percent year-over-year. Revenues from ASCAP’s licensing efforts in the US alone grew nearly 11 percent in 2017 to $846 million, up $86.9 million over 2016. Domestic distributions from ASCAP-licensed and administered performances in the US also increased, to $723 million, up 15 percent over 2016.
“ASCAP is securing a strong future for our members by successfully closing key licensing deals and launching innovative digital tools that will enhance the lives of our members and make it easier for licensees to do business with us,” said ASCAP Chief Executive Officer Elizabeth Matthews in a release. “Our healthy 2017 financial results are proof positive that we are succeeding in our strategic transformation and our mission to support music creators and music publishers for a sustainable future in the digital economy.”
ASCAP is a non-profit organization that provides roughly 88 cents of every dollar collected to its members.
“I am gratified by the hard work that the ASCAP team does every day to make it possible for members of ASCAP to make their living as music creators. 2017 was a year of progress on so many fronts at ASCAP, including important deals that keep money flowing back to creators, technological investments that will keep us ahead of changes in the industry and momentum behind our efforts to reform our outdated music licensing system,” added ASCAP President Paul Williams in a release.
ASCAP attributes its domestic revenue growth to securing future revenues for members by closing significant licensing deals with major media companies. An agreement with YouTube for public performance rights and data collaboration, announced last June, will improve the accuracy and reliability of the metadata attached to musical works, and will result in greater compensation for ASCAP members.
Members also benefited from ASCAP’s new digital tools to help creators to register and manage large catalogs of music. The new tools empower members to make more informed business decisions about their catalogs and works.
ASCAP artists include Billy Joel, Cardi B, Coldplay, Meghan Trainor, Sam Hunt, Ariana Grande, Donald Fagen, Justin Bieber, along with new members in 2017 Dua Lipa, Carlos Vives, Maluma, Nana Rogues (Drake, “Passionfruit”), Jonas Jeberg (Fifth Harmony, “Sledgehammer” & Selena Gomez, “Fetish”) and Emily Warren (The Chainsmokers, “Don’t Let Me Down ft. Daya” & Dua Lipa, “New Rules”).
Latest posts by Taylor Mims (see all)
- UTA to Open New Artist Space in Beverly Hills - May 22, 2018
- Live Nation Announces Women Nation Fund to Invest in Women-Funded Businesses - May 15, 2018
- Wiz Khalifa and Rae Sremmurd to Co-Headline Dazed & Blazed Tour - May 15, 2018