ASCAP has reported record-breaking 2016 financials, with revenues topping $1.059 billion last year.
Over $918 million was distributed to its 600,000-plus members, which comprises songwriters, composers and music publishers.
In total, distributions were up 5.6% year-on-year, while licensing revenues in the US rose almost 6% in 2016 to $759 million, up $42.2 million on 2015. This growth was fueled predominantly by a 41% increase in revenues from streaming services, as well as increased revenues from satellite radio and general licensees, such as bars, clubs, restaurants, hotels, live concerts and more.
Foreign revenues hit $300 million for the year, up $1.5 million on 2015. However, ASCAP said that international revenues would have exceeded last year’s performance by $12.9 million had it not been for the strengthening of the US dollar, which resulted in lower foreign exchange rates.
US distributions reached $631 million, up 10%, ($55.5 million) over 2015.
Furthermore, 2016 also saw ASCAP grow its general licensing business by 7.2%, licensing over 18,000 new businesses throughout the year.
ASCAP CEO Elizabeth Matthews commented: “ASCAP’s record high revenues and distributions in 2016 are a testament to the amazing repertory of music we are privileged to represent, and to our investment in innovations that enable us to continue to grow revenues, leverage our scale and increase efficiencies in our operations. ASCAP is committed to transforming and innovating to secure a healthy future for music creators and publishers. In 2016 alone, we processed over one trillion performances, welcomed 40,000 new members, and secured a steady stream of future royalties for our members by closing multi-year deals across all major platforms, including satellite and terrestrial radio.”
Meanwhile, ASCAP president and chairman Paul Williams, added: “ASCAP’s strong financial results matter for each and every songwriter, composer and music publisher who makes a living from our creative work, from those just starting out to those whose music is beloved around the world. I am also incredibly proud that ASCAP continues to lead the fight for much-needed changes to U.S. music licensing regulations that are grossly unfair to songwriters and copyright owners.”