BMI Is Changing to a For-Profit Business Model
variety.comJem Aswad Senior Music Editor BMI is changing to a for-profit business model, the company announced to its staff in an internal email Wednesday morning.
The performing rights organization, like most across the globe, had previously operated broadly on a not-for-profit basis, like its chief U.S.
competitor ASCAP, since it was founded in 1939. However, as for-profit PROs, notably SESAC and the relatively new Global Music Rights, launched in the U.S., the restrictions of that model began to limit BMI’s opportunities.
BMI attempted a sale last year but did could not come to terms with potential buyers. CEO Mike O’Neill tells Variety, “We realized that we needed to make certain changes to the organization in order to be even more competitive in the future.
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