A breakdown of ASCAP revenue by year. Photo Credit: ASCAP
The American Society of Composers, Authors and Publishers (ASCAP) has reported a 5.7% year-over-year revenue boost for 2024, which is said to have delivered all-time-high distributions.
ASCAP shed light on its full-year financials today, pointing to nearly $1.84 billion in 2024 revenue. Though a record, the sum reflects a growth-rate slowdown from 2023 and its 14.1% YoY revenue spike.
Behind the 2024 total, the PRO identified an almost $1.70 billion tranche “available for royalty distributions” (up $104 million and 6.5% YoY). That includes $1.28 billion for domestic distributions; within the latter, ASCAP disclosed $53 million in Songwize distributions.
Back to overall 2024 revenue, more than 76% of the total, fueled in part by streaming gains, is said to have derived from domestic licensing (close to $1.40 billion, up 5.3% YoY).
Rounding out the top-level figure, ASCAP confirmed $438 million (up 6.8% YoY) in foreign collections, with $411 million thereof available for distribution (up 9.8% YoY).
Unsurprisingly, following rival BMI’s private equity sale and rumblings of different PRO purchases yet, ASCAP didn’t hesitate to once again emphasize its status as the “ONLY US PRO operating on a not-for-profit basis.”
Additionally, CEO Elizabeth Matthews, whose organization’s 80,000 new members last year included Def Leppard, Kacey Musgraves, Jack White, and Graham Nash, doubled down on the point in a statement.
“For songwriters, composers and publishers,” Matthews weighed in, “ASCAP provides the best return on their performance royalties because they get 90 cents of every dollar we collect. It’s that simple.
“We are the only US PRO that does not take a profit and the only one that can credibly say we put creators first in everything we do,” concluded the ASCAP head of about 10 years.
It perhaps goes without saying in light of those remarks, but a sale doesn’t appear to be in the cards (at least anytime soon) for ASCAP. However, evidence suggests that the PRO, consent decree or not, would be able to find a buyer if so inclined.
Hellman & Friedman took a majority stake in Global Music Rights last year, for instance, and Blackstone is reportedly engaged in sale talks with a goal of divesting SESAC for a staggering $3 billion or more.
Meanwhile, a newer entrant to the U.S. PRO arena, AllTrack, made a number of moves in 2024 – the November launch of a mechanicals division perhaps being the most noteworthy.
It’s against this backdrop – strong revenue growth and aggressive private-equity interest – that the Copyright Office earlier in February kicked off an official inquiry into public-performance transparency.
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