PROs see leap in new media revenues
Public performance rights organizations saw marked increases in new media revenues in 2005, according to their reported financial results.
ASCAP recently announced a 50% increase in new media revenues in 2005 -- coming in at $8.1 million. However this is still a drop in the bucket compared to traditional revenue sources, which supported total revenues of $749 million in 2005.
BMI's financial results for 2004/2005, which were reported last September, saw a 114% increase in new media revenue, to $11.4 million. Total revenues from all sources were $728 million. According to BMI:
"Tracking the growth of the US market, fees from mobile entertainment (ringtones) accounted for the largest segment of the increase. During the year, more than 500 new digital music providers were licensed, including industry leaders such as the subscription music service Rhapsody, the streaming radio service for mobile services mobZilla, and major wireless carriers."
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