Radio accounts for a quarter of BMI’s bottom line
Tuesday, August 26th, 2008BMI’s revenues topped $901 million last year and $224 million of it came from radio. Total revenues were up 7% last year, allowing the music performing rights company to distribute a record $786 million to songwriters and composers. Can radio afford to pay more? The record labels are pushing to get Congress to undo radio’s exemption from a performance-based royalty that could add from $2 to $7 billion in new fees.