ASCAP posts record profits

The performance rights organization ASCAP today announced that it has record revenues of $785 million for the fiscal year 2006, with royalty payments to its members in the amount of $680 million.  This represents a 5% increase over revenues for the previous fiscal year.  According to ASCAP, revenues from Internet and wireless license agreement grew 70% to $13.8 million.  Look for this number to increase even more in the coming years.