BMI posts record profts

BMI, one of the largest performance rights organizations in the world, announced today that it will distribute more than $732 million in royalties for the 2006-2007 fiscal year.  This figure is an 8% increase over the prior fiscal year.  BMI also noted that it posted record-setting revenues of $839 million for this fiscal year, a 7% increase over last year.  One of the reasons cited for the increase revenue and distribution was the diversity of media using BMI’s catalogue, including cable networks and satelite audio which are replacing the more traditional over-the-air distribution.  This is the highest annual revenues and royalty distributions ever reported by a performance rights organization, according to the announcement.  BMI’s president and CEO, Del Bryant, stated that “the dynamic growth and continued popularity of the BMI catalog have made these outstanding financial results possible at a time of unprecedented change in the media and entertainment business.”