ASCAP reports record revenues and royalty payments for 2007 at General Annual Membership Meeting in Los Angeles; Launches Bill of Rights for Songwriters and Composers
On April 10th, ASCAP kicked off the 2008 ASCAP �I Create Music� EXPO with its General Annual Membership Meeting at the Hollywood Renaissance Hotel in Los Angeles. ASCAP CEO John LoFrumento reported record revenues of $863 million and royalty payments of $741 million, as well as an all-time low operating expense ratio of 11.9%.
LoFrumento also reported that revenues for 2007 exceeded thos of 2006 by $77 million, a 10% growth rate. Both U.S. and foreign revenues showed strong gains. Domestic revenues totaled nearly $598 million, up $39 million, with significant growth in radio, cable and General Licensing. International revenues exceeded $256 million, up $38 million from the year before. As royalty distributions to members grew in 2007 by $61 million � a 9% increase over the prior year � ASCAP held the line on expenses, achieving the lowest-ever operating expense ratio of any PRO.
ASCAP President and Chairman Marilyn Bergman announced two important advocacy and awareness-building initiatives to urge music industry participants and legislators to remember and defend the rights of music creators. The first, the creation of a Bill of Rights for Songwriters and Composers, clarifies ten core rights held by every music creator. The other initiative is the creation of a position paper, �Music Copyright in the Digital Age,� which addresses the growing confusion and concern around music copyright by demystifying the basic rights of music creators (see story at right).
ASCAP Executive VP/Membership Group Todd Brabec detailed the ever-expanding range of tools, services and programs ASCAP provides to support today�s music careers and reported on ASCAP members� outstanding performance on the 2007 Billboard charts and in major music industry awards shows.
