Dear Songwriter, Composer and Publisher,
I hope this letter finds you doing well and looking forward to the holiday season. It’s been a very active quarter for us at BMI, and I’m excited to share some recent developments with you.
In September, we announced record-breaking financial results for BMI’s fiscal year that ended on June 30, 2022. Thanks to your phenomenal music and its incredible worldwide popularity, BMI recorded record revenues and distributed and administered an all-time high of $1.471 billion in royalties to our creative community, $136 million more than last year. Not only are these figures the highest in our company’s history, but they are also the highest reported of any music rights organization in the world. Looking ahead, we’re striving to do even better for you this year.
In addition, last month I shared important news about the future of BMI. As you may have seen, the company is changing its business model from operating on a not-for-profit making basis to for-profit. This will allow us to operate in a more commercial and forward thinking way, opening up new opportunities for us to invest in our business and ensure we can continue to deliver on BMI’s mission to support our songwriters, composers and publishers and grow the value of your music. Growth for BMI means growth for our affiliates, and I’m very optimistic about our future together. You can find more detailed information about this change here.
This quarter’s distributions are bolstered by strong performances across categories, both domestically and internationally. In addition to your regularly scheduled royalties, those who are eligible will see payments for Apple Fitness from first quarter 2022 through second quarter 2022, as well as royalties for streaming services including JioSaavn, Pantaya and Filmrise. To receive your royalties faster, please sign up for direct deposit, if you haven’t already.
On another note, we recently refreshed our comprehensive FAQ section on BMI.com, which is a helpful and convenient resource that provides useful information about BMI and your royalty payments. You’ll find our FAQ section available in both English and Spanish. Please take a look when you have time.
I’d also like to congratulate our many songwriters and composers whose extraordinary talent and creativity were recognized across the industry this quarter. Kudos to all our BMI affiliates who received well-deserved accolades at our BMI R&B/Hip-Hop Awards, honoring Busta Rhymes as a BMI Icon; BMI London Awards, saluting our President’s Award recipient Ellie Goulding and Impact Award winner Tems; BMI Troubadour Awards, honoring Lucinda Williams; and BMI Country Awards, paying tribute to BMI Icon Toby Keith; as well as our winners at La Musa Awards, Dove Awards, World Soundtrack Awards, and CMA Awards. Congratulations also go out to all our exceptional songwriters nominated for Latin GRAMMYs. Moreover, I appreciate everyone who played the BMI stage this year at ACL and the Songwriters for Southwest Florida Benefit Concert.
Lastly, as we approach the end of the year, giving back is often on our minds. If you’re interested in making a donation this season, you might want to consider these music-related organizations: Backline, NIVA, MusiCares, and the BMI Foundation. Click through to see how each one supports music creators and helps them thrive.
As always, I want to thank all of you for trusting us to protect your rights and represent your outstanding music. On behalf of everyone at BMI, have a wonderful holiday season with your friends and family, and a healthy and happy new year!
President and Chief Executive Officer