ASCAP (The American Society of Composers, Authors, and Publishers) has released its 2023 financial results with increases in every revenue and distribution category.
Now positioning itself as the only U.S. not-for-profit public performance rights organization (PRO), ASCAP delivered a record-breaking $1.737 billion in revenue in the 2023 calendar year with $1.592 billion available for royalty distributions to its songwriter, composer, lyricist, and music publisher members. ASCAP says that’s the highest revenue and royalty distributions reported by any U.S. PRO.
BMI recently went private with a sale to a private equity firm, after transitioning to a for-profit business model. Radio groups that had an equity interest in BMI received payouts from the sale, including Beasley Media Group ($6M), iHeartMedia ($101.4M), and Audacy ($25M).
ASCAP’s 2023 revenues represent an increase of $215 million or 14.1% over 2022. ASCAP says it increased the value and monetization of its members’ music with domestic revenue from U.S.-licensed performances surpassing $1.327 billion, which is an increase of $149 million or 12.6% over the prior year. Audio streaming revenue rose 21% in 2023, general licensing revenue jumped 23%, radio revenue rose 10% and audio-visual revenue ticked up 3% as compared to 2022. Total foreign revenues for performances of ASCAP members’ work outside the U.S. were $410 million, up $66 million or 19.3% over the prior year.
The 2023 ASCAP distribution to its members was an increase of $204 million or 14.7% over the prior year. Total funds available for domestic distributions of ASCAP U.S.-licensed and administered performances were $1.217 billion, an increase of $169 million or 16.1%, based solely on U.S. performances of works by ASCAP-licensed songwriters, composers, and publishers.
“We are delivering industry-leading technical innovation, legislative advocacy, and revenue growth that solely benefits our members, not outside investors or shareholders,” CEO Elizabeth Matthews said in a release. “As we like to say, private equity never wrote an iconic love song which is why we fight purely for songwriters, composers, and publishers, not for those who use creators and their works of art for their own profits or to secure their own debt. ASCAP differs from others because our mission and purpose is clear and unique.”
Since the launch of its strategic growth plan in 2015, ASCAP says its compound annual growth rate (CAGR) for total revenue through 2023 has increased to 7%, and the CAGR for Total Distributions over the same period rose to 8%.
The PRO, which marked its 110th year on Feb. 13, also announced new artists joining the ASCAP family, including songwriter and producer Jack Antonoff, viral pop star PinkPantheress, Jared Leto and Shannon Leto of alternative rock chart-toppers 30 Seconds to Mars, and South African singer-songwriter Tyla.
