HITS Daily Double
"I believe this to be, for BMI, a time of unprecedented opportunity."
——Frances W. Preston, BMI Chairman/CEO


Perf Rights Org's Revenues Up to $629.7 Million
At least someone in the music business is making money.

BMI reported revenues of $629.7 million for the 2003 fiscal year at its annual meeting.

Said organization President/CEO Frances Preston: "The revenues were the largest in the company's history, continuing an 18-year upward trend of revenue increases. Oh, by the way, can anyone spare $4.95 for a frozen caramel machiado?"

So why don't they buy Sony Music? Oh yeah, that's BMG.

Revenues increased $55.5 million, or 9.7% over the prior year. The org distributed more than $533 million in royalties to BMI songwriters, composers and music publishers, the most in the company's history. Royalties increased $50.6 million, or 10.5% from the previous year. BMI brought its overhead down to 15.1% after cost reductions and new state-of-the-art business tools, meaning copyright owners are paid 85% of all revenue collected.

Added Preston: "Our revenue increase was even more remarkable in economic times that have kept other major copyright companies in our sector to zero growth or negative year-to-year results."

The company signed major agreements with HBO and Cinemax as well as radio and TV Public Broadcasting affiliates. Important revenue also came from eating-and-drinking establishments and ringtones providers.

BMI also recently announced a 10-year, $1.6 billion accord for new blanket and per program agreements with the radio industry.

BMI Exec. VP Del Bryant called the licensing success "a direct reflection of the continued strength of our repertoire."

Among BMI's clients are Eminem, R. Kelly, Jennifer Lopez, Shakira, Sheryl Crow, the Neptunes, Irv Gotti, Dixie Chicks, Shania Twain and Toby Keith. New signees include Christina Aguilera, Michelle Branch and Pink.

The company's foreign revenue increased more than 13% over the year before to $137.7 million.

Added Preston: "BMI is strategically well-prepared to maximize the opportunities presented in this very challenging period in our industry. I believe this to be, for BMI, a time of unprecedented opportunity. Now can any of you losers break this $100 for me?"