ASCAP Announces Record Revenue for 2023: $1.737 Billion, Up 14.1%
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The American Society of Composers, Authors and Publishers (ASCAP) announced record financial results for 2023, with $1.737 billion in revenue and $1.592 billion available for royalty distributions to its songwriter, composer, lyricist and music publisher members. The numbers are the highest revenue and royalty distributions reported by any U.S. PRO, according to the announcement.
The organization also welcome many prominent new members, including Taylor Swift/ Lana Del Rey collaborator Jack Antonoff, PinkPantheress, Tyla and Jared Leto and Shannon Leto of 30 Seconds to Mars.
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ASCAP is the only remaining U.S. public performance rights organization to operate on a not-for-profit basis, after BMI’s recent transition to a for-profit model. The organization does not charge a commission or take a profit and deducts all expenses — approximately 10% — subject to a reasonable reserve, and then distributes all remaining dollars as royalty distributions to its members.
The revenues represent an increase of $215 million or 14.1% over 2022. The announcement states that the organization increased the value and monetization of its members’ music, with domestic revenue from U.S.-licensed performances surpassing $1.327 billion which is an increase of $149 million or 12.6% over the prior year. In 2023, audio streaming revenue rose 21%, general licensing revenue rose 23%, radio revenue rose 10% and audio-visual revenue rose 3% as compared to 2022.
Total foreign revenues for performances of ASCAP members’ work outside the U.S. were $410 million, up $66 million or 19.3% over the prior year due to the strength and success of more than 960,000 ASCAP members who have created the most valuable musical repertoire in the world. ASCAP represents and aggregates in cost-effective, efficient blanket licenses over 19 million copyrights, which includes music from Beyoncé, Billy Joel, Cardi B, Dua Lipa, Garth Brooks, Jay-Z, Katy Perry, Lil Baby, Lin-Manuel Miranda, Mariah Carey, Olivia Rodrigo, Paul McCartney, Stevie Wonder, Usher and more.
“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,” said 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.”
ASCAP Chief Executive Officer Elizabeth Matthews will share this news and more details this afternoon at the 2024 ASCAP Membership Meeting in New York City in front of an audience of ASCAP members.
The ASCAP 2023 Annual Report can be viewed at: www.ascap.com/annualreport23.
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