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ASCAP Delivers 2009 Financial Results, Strengthening Its Position as a Worldwide Performing Rights LeaderResults Announced at ASCAP's Largest and Most Successful "I Create Music" EXPOASCAP's Member Access to Be Enhanced With New App for iPhone, iPad and Other Mobile Devices (May 03, 2010)
NEW YORK, NY -- (Marketwire) -- 05/03/10 -- ASCAP (the American Society of Composers, Authors and Publishers) reported that in 2009, it collected over $995 million for its members. Representing over 380,000 music creators (including lyricists, songwriters, composers and publishers of music from every genre), the member-owned organization made royalty payments of more than $863 million. It also reported a very low operating expense ratio, continuing its run as the most efficiently run performing rights organization. ASCAP's foreign revenue grew to nearly $302 million due to the popularity of its members' music and foreign exchange rates.
According to ASCAP CEO John LoFrumento, "Music is performed more often, in more places, in more ways by more businesses than ever before. That expanded music use, combined with dramatic ASCAP Membership growth, market share increases and effective strategic management have led to stunning revenue and distribution growth for 2009."
However, LoFrumento went on to caution, "Looking to 2010 and beyond, our challenge is to obtain fair rates for the increasingly valuable public performance right over Internet and wireless devices. Because we are an organization of and for songwriters, composers and publishers, ASCAP is taking the leadership role in advocating for copyright and the livelihood it makes possible for music creators."
These impressive operating results were delivered by LoFrumento during the General Annual Meeting that launched ASCAP's hugely successful "I Create Music" EXPO (April 22-24). Now in its fifth year, the music creator conference experienced a 25% increase in registration revenue over the prior year, manifesting ASCAP's leadership as a source of music career and community development for the Society's growing membership. This year's EXPO featured such top music names as Quincy Jones, Bill Withers, Ludacris, Justin Timberlake, John Mayer, Natasha Bedingfield, Kenny Burrell, Lukasz "Dr. Luke" Gottwald, Jason Mraz, Just Blaze, Linda Perry, Don Schlitz, Phil Vassar, Loudon Wainwright III, and dozens of other top music creators who shared their knowledge and expertise. It also included networking events, song critiquing, performances, product displays, state-of-the-art technology demonstrations and much more. The EXPO has, in the words of one inspired attendee, evolved from "very useful to indispensable." Over 2,800 people participated during the three days in Los Angeles.
At the Membership Meeting, it was reported that ASCAP's technologically advanced new distribution system, Member Access, has been activated by tens of thousands of members who are enjoying a secure, online portal with 24/7 access to their membership, catalog, performance and royalty information, anytime, anywhere. And, as a clear demonstration of ASCAP's leading technical advantage, a new Member Access app for iPhone, iPad and other mobile devices was announced.
Beyond the financials, the successful EXPO and the technical triumph of Member Access, other highlights for the year 2009 included:
- The launch of a new ASCAP.com incorporating a user friendly, contemporary design, improved navigation and additional features.
- An expanded ASCAP Network with a community peer evaluation application for music submission feedback. To date, some 25,000 members have joined the community.
- Created and co-owned by ASCAP, Mediaguide now annually tracks over 200 million music performances, 50 million ads and promos, is the source for ASCAP's radio distribution, provides ad verification and uses both fingerprinting and watermarking to deliver state of the art intelligence.
- Created and co-owned by ASCAP, MusicPro Insurance offers exclusive benefits to ASCAP members, including a free prescription discount card, group priced home and auto insurance and as announced at the Membership Meeting, a new group limited medical plan with guaranteed acceptance and the ability to select the doctor, clinic or hospital of your choice.
LoFrumento added, "Over 600 people each week are joining ASCAP. We are absolutely dedicated to assuring that they have the opportunity to earn a livelihood through their creative efforts. Guided by a passionate and committed ASCAP Board of Directors elected by the Membership, our operating strategies are well thought out. Our results reflect these strategies and the efforts of a very talented and hard working staff carrying them out."
Watch video [http://www.ascap.com/membershipmeeting] of ASCAP's General Annual Membership Meeting with reports by ASCAP President and Chairman Paul Williams, ASCAP CEO John A. LoFrumento and ASCAP Senior Vice President of Domestic Membership Randy Grimmett.
Established in 1914, ASCAP is the first and leading U.S. Performing Rights Organization (PRO) representing the world's largest repertory totaling over 8.5 million copyrighted musical works of every style and genre from more than 380,000 songwriter, composer and music publisher members. ASCAP has representation arrangements with similar foreign organizations so that the ASCAP repertory is represented in nearly every country around the world where copyright law exists. ASCAP protects the rights of its members and foreign affiliates by licensing the public performances of their copyrighted works and distributing royalties based upon surveyed performances. ASCAP is the only American PRO owned and governed by its writer and publisher members. www.ascap.com
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