September 2013
Dear Songwriter, Composer and Publisher,
As this is the first distribution since the close of fiscal year 2013, I am pleased to announce that BMI reported record-setting revenues and royalty distributions with total revenues of $944 million and royalty distributions of $814 million. This represents an increase of $64 million compared to the previous year. These numbers, which reflect the largest fiscal year revenues and distributions in the Company’s 74-year history, indicate the continued success of BMI’s efforts to support the value of your music to all users, both domestically and globally.
A big contributor to these increases was the revenue generated from digital sources, which grew by 65% over last year. Included in this distribution are retroactive royalties for use of your music on Netflix from 2007 to 2010. Additional Netflix payments for 2011 and 2012 will be included in our January 2014 distribution, which will also include retroactive royalties for Hulu. Both agreements were completed earlier this year, and we also reached new agreements with SiriusXM and all of the cable networks owned by Turner, Lifetime, Discovery and A&E. In addition, as is usual for September, this distribution includes royalties for use of your music on pay-per-view programming, sports leagues, theme parks and cable system programming. Royalties for YouTube are not included this quarter but will resume in BMI’s January 2014 distribution.
I am proud to report that for the third consecutive year BMI placed in InformationWeek’s top 500 list of innovative companies, this year ranking at number 26. This honor follows the release of several new and enhanced products launched earlier this year, including our mobile and iPad apps, which provide quick and convenient access for all BMI affiliates with online accounts. As a reminder for those who have not yet set up an online account, early next year BMI will be transitioning to paperless statements only. Please make sure that we have your updated email address and other contact information as soon as possible, to ensure a smooth transition for you to review your online statements. We are also looking forward to minimizing operational costs and increasing speed of royalty payments to you by utilizing direct deposit as much as possible. Please also make sure that you choose that option when setting up or updating your online account. Also, please take the opportunity to explore http://www.bmi.com in its entirety to view the exciting happenings on our recently redesigned site.
Congratulations to our R&B/Hip-Hop Icons, Cash Money’s Bryan “Birdman” Williams and Ronald “Slim” Williams; Social Star Award winner, Machine Gun Kelly; and to all of those honored last month at the BMI R&B/Hip-Hop Awards in New York City. In October, BMI songwriters Randy Owen, Will Jennings, Layng Martine, Jr. and Jeffrey Steele will be inducted into the Nashville Songwriters Hall of Fame. Well-deserved honors all around!
Lastly, it is my great pleasure to announce that after nearly 20 years of service to BMI’s music community, Michael O’Neill was appointed as the Company’s Chief Executive Officer, effective September 16th. Mike brings a wealth of experience, leadership and innovation to his new role and I will be working closely with him as BMI’s President until my retirement in June 2014. Rest assured that Mike, and BMI’s team of executives, will continue to steer BMI toward a bright, lucrative future for all of our songwriters, composers and publishers.
As fall begins, I hope you are inspired to reach new creative heights, and, as always, we thank you for the opportunity to represent your music at home and around the world.
Sincerely,
Del Bryant
President
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