ASCAP Delivers Record Revenue of $1.3 Billion for 2021

variety.com:

Jem Aswad Senior Music EditorPerforming-rights organization ASCAP, the American Society of Composers, Authors and Publishers,  announced record-setting financial results for 2021, notably a record-high revenue of $1.335 billion.Increases in collections from the audio streaming and audio-visual sectors pushed ASCAP’s domestic revenue to $1.011 billion in 2021, up 4.4%, an increase of $42.5 million over 2020.

This was the first year that ASCAP domestic revenues from U.S.-licensed performances surpassed $1 billion.According to the announcement, since ASCAP launched its strategic growth plan in 2015, revenues have hit a 5% compound annual growth rate and ASCAP members have benefited from a 6% compound annual growth rate in overall distributions, and an 8% compound annual growth rate in domestic distributions.

ASCAP’s identification, matching and processing of trillions of musical performances drove record-setting distributions that exceeded $1 billion for the fifth year in a row and increased $41 million over the previous year, for a total of $1.254 billion available for distribution to its more than 850,000 songwriter, composer and publisher members in 2021.Total monies available for domestic distributions of licensed and administered performances amounted to $912.6 million, a 2.4% increase of $22 million over 2020.

A solid domestic performance helped to offset the challenges in foreign revenues, due to the ongoing global impact of the Covid-19 pandemic, the announcement continues.