ASCAP released its financial results for 2010 today (3/31), showing a dip in total revenues and member distributions since last year’s record highs. The information was presented at the organization’s General Annual Membership Meeting in New York City.
Financial distributions to members in 2010 totaled $845 million, down 2.1% versus the 2009 high of over $863 million. Distributions to members in 2008 totaled $818.9 million.
2010 revenue totaled $935 million. This is 6% below 2009’s high of $995 million. Total revenue for 2008 was $946.7 million.
According to the organization, the impact of a weak economy has resulted in lower payments from those customers paying on a percentage of revenue basis. In addition during 2010, ASCAP received a reduced interim radio rate.
According to John LoFrumento, ASCAP CEO, “Looking to the future, we see ongoing challenges to member financial distributions. We are working tirelessly to add new licensing opportunities and to utilize new technologies to control operating costs.”
ASCAP remained a 13.9% operating expense ratio.
At the end of 2010, ASCAP elected its 400,000th member, just one of the 32,000-plus new members it adds each year.
Category: Featured, Financial/Legal, Organizations
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