BMI has grown its revenue and distributions to record-setting levels in a fiscal year filled with unprecedented challenges due to the Covid-19 pandemic. The company announced it has distributed and administered a record $1.335 billion to its songwriters, composers and publishers — its highest distribution ever, up $102 million or 8% over last year — according to the announcement.
In addition, BMI’s total domestic licensing revenue exceeded $1 billion for the first time, driven by phenomenal growth in the digital sector. The company also continued to set revenue records, bringing in $1.409 billion, a 7% increase over last year. (Due to new ASC 606 accounting guidance, recently adopted by BMI, it will report
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