September 12th, 2008
Record labels and performance-rights groups have spent the last few years going bezerk about “lost revenue” due to illicit sharing and performance of copyrighted works. They’ve been blaming everyone from P2P networks to Girl Scouts for the steady decline in their profits (which probably has more to do with the ever-growing market for music downloads á la iTunes). It’s funny, then, amidst all these panicking businesspeople, that BMI, one of the USA’s largest performance-rights organisations, has announced a record turnover for the 2008 financial year.
Their press release says they made $901 million this year, and will dispense $786 million in royalties to copyright holders. Imagine that, a global recession looming and your business’ profits only increase 7.2% this year! Time to tighten the belts, maybe?