The music industry has had its fair share of bad press over the past decade but recently, things have been picking up for the old dog, with digital revenues finally beginning to overtake the loss of sales of physical. In fact, this year BMI (British Music Inc) has reported its highest collections, taking in $944m for the year ended June 30, 2013. That represented a 5% increase over the nearly $899 million collected in the prior year.
Billboard.com are reporting that “BMI noted the results represented both its largest revenue collection and royalty distribution ever in the company’s 74-year history. Moreover, the performance rights organization also pointed out that it had collected more than $4.5 billion in revenue and paid out $4 billion combined in the past five-year period.”
Some good news then, for our students, graduates and industry friends alike! There’s still a long way to go but we’re encouraged with the progress and the new revenue streams for artists, writers and producers! You can read the full story on Billboard.com.