NEW YORK (CelebrityAccess) — The American Society of Composers, Authors and Publishers (ASCAP), detailed its financial results for 2023, highlighting record revenue and distributions for the year.
According to ASCAP, the performance rights organization realized revenues of $1.737 billion in 2023, up by $215 million, a $14.1 percent increase over the previous year.
ASCAP said that audio streaming was a key driver in its 2023 financial results, with revenue from streaming rising by 21% during 2023. At the same time, general licensing revenue rose 23%, radio revenue rose 10% and audio-visual revenue rose 3% as compared to the previous year.
Total foreign revenues for performances of ASCAP members’ work outside the U.S. were $410 million, up by 14.7% over the prior year. Additionally, ASCAP noted that it’s overhead rate remains at 10%, the lowest for any U.S. PRO.
ASCAP also reported distributions to rightsholders of $1.592 billion in 2023, setting records for the largest annual distribution in the organization’s history
“We are delivering industry-leading technical innovation, legislative advocacy and revenue growth that solely benefits our members, not outside investors or shareholders,” said ASCAP Chief Executive Officer Elizabeth Matthews. “As we like to say, private equity never wrote an iconic love song which is why we fight purely for songwriters, composers and publishers, not for those who use creators and their works of art for their own profits or to secure their own debt. ASCAP differs from others because our mission and purpose is clear and unique.”
“ASCAP’s mission and not-for-profit business model are more important now than ever before, as artificial intelligence transforms the music landscape, and the need for legislative advocacy to protect creators in DC has never been more important,” added ASCAP Chairman of the Board and President Paul Williams. “ASCAP will always be a champion for the humans who create music and demand transparency and fair payment from those who exploit our work. ASCAP makes it possible for our songwriter and composer members to write the next song, to earn a living and to support their families. No one else in the industry has the backs of songwriters like ASCAP.”