Growth, Change and Action

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.