ASCAP HITS ANOTHER REVENUE MILESTONE

ASCAP has hit another revenue milestone, pulling in $1.52b in 2022, an increase of $187m or 14% over the previous year. The organization has been on an upward trajectory since 2015, when it enacted its strategic growth plan. Focused on revenue growth, technological innovation and operational efficiency, it's resulted in a 6% compound annual growth rate for total revenues and a 7% compound annual growth rate for total distributions to members.

"ASCAP is the only U.S. PRO that operates on a not-for-profit basis, a key differentiator," said ASCAP CEO Elizabeth Matthews. "ASCAP creator and publisher members are the sole beneficiaries of this growth because we invested years ago in cloud computing, enabling us to address the challenges of digital streaming efficiently, and because we only pay songwriters and publishers, not private investors."

Last year, ASCAP grew every major category of licensing to drive domestic revenue to $1.17b, up 16.5% from 2021. General licensing revenue increased by 40%, radio by 32%, audio streaming by 16% and audio-visual by 7%. Royalty distributions to ASCAP members exceeded $1b for the sixth year in a row and increased 10.7% over 2021, with a total of $1.38b available for distribution to ASCAP’s music creator and publisher members.

Total funds available for domestic distributions of ASCAP U.S.-licensed and administered performances crossed $1b for the first time, totaling $1.04b in 2022, a 14.9% increase. Revenue from foreign societies was $344m, up 6.3% over 2021, with international distributions totaling $340m.

By our calculations, we'll be able to save about $340 this year by working here. You can find ASCAP's 2022 revenue report here.