ASCAP has just released their 2009 financial results showing continuing growth for the performing rights organization.
In 2009 ASCAP reports that it collected more than $995 million, an almost $50 million increase from the $946.7 million collected in 2008. Their foreign revenue grew to nearly $302 million. ASCAP made royalty payments to their 380,000-plus members during 2009 totalling more than $863 million, a significant increase than the $818.9 million distributed to members during 2008.
“Music is performed more often, in more places, in more ways by more businesses than ever before. That expanded music use, combined with dramatic ASCAP Membership growth, market share increases and effective strategic management have led to stunning revenue and distribution growth for 2009.” stated ASCAP CEO John LoFrumento.
According to LoFrumento “Looking to 2010 and beyond, our challenge is to obtain fair rates for the increasingly valuable public performance right over Internet and wireless devices. Because we are an organization of and for songwriters, composers and publishers, ASCAP is taking the leadership role in advocating for copyright and the livelihood it makes possible for music creators.”
The operating results were delivered by Mr LoFrumento during the General Annual Meeting, which launched their “I Create Music” EXPO. Video of the ASCAP General Anual Meeting 2010.