ASCAP Posts Record $1.5 Billion in Revenue for 2022

variety.com:

Jem Aswad Senior Music Editor ASCAP, the only remaining not-for-profit performing rights organization in the U.S., announced that its 2022 annual revenue surpassed $1.5 billion for the first time, which fueled record royalty distributions to ASCAP’s songwriter, composer and music publisher members.

Collections totaled $1.522 billion in 2022, an increase of $187 million or 14% over the previous year. According to the announcement, ASCAP’s strategic growth plan, launched in 2015, has resulted in a 6% compound annual growth rate for total revenues, and a 7% compound annual growth rate for total distributions to members. “It is our technical innovation coupled with an unparalleled work ethic that grew our domestic revenue 16.5% in 2022 and yielded a 6% compound annual growth rate since the inception of our strategic plan eight years ago,” said CEO Elizabeth Matthews. “ASCAP is the only US PRO that operates on a not-for-profit basis which is a key differentiator among PROs.

ASCAP creator and publisher members are the sole beneficiaries of this growth because we invested years ago in cloud computing, enabling us to address the challenges of digital streaming efficiently, and because we only pay songwriters and publishers, not private investors.”  Chairman of the board and president Paul Williams added, “We are elated to share these historic financial revenue and distribution results for 2022 with our songwriter, composer and publisher members, who are the foundation of the music we all love.

In the U.S., we have competition, meaning that creators have a choice, and that choice should be ASCAP. Our financial success for over 100 years, and a singular commitment to nurture their careers and maximize the value of their music,