ASCAP collects $995m

BANKING ON IT: ASCAP raked in nearly $1 billion in royalties on behalf of its 380k songwriter and publisher members last year, paying out $863 million of the $995 million total to members, according to a release from the PRO. CEO John LoFrumento stated that “membership growth, marketshare increases and effective strategic management have led to stunning revenue and distribution growth for 2009. Looking to 2010 and beyond, our challenge is to obtain fair rates for the increasingly valuable public performance right over Internet and wireless devices." The org also announced the launch of a new iPhone/iPad app. (5/6a)

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ASCAP collects $995m

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