ASCAP Busts A Cap In The Music-Industry’s Ass

While the RIAA tries to convince us that downloading causes our beloved musicians to wander the streets late at night, scouring the gutter for food and royalty checks, at least one record-industry organization appears to be doing okay: ASCAP–the performing-rights company that monitors song licensing, and whose name always makes us titter–had its best year ever in 2006:

ASCAP has reported record revenues of $785 million for 2006, royalty payments to members of $680 million, and an all-time low operating expense ratio of 12.0%, the performing rights organization revealed Tuesday. Revenues exceeded those of 2005 by $37 million, showing a 5% growth…

Contributing to the revenue growth was ASCAP’s recently negotiated licenses with both terrestrial and satellite radio. In 2006, total radio revenues increased 11% to $22 million. Of that amount, terrestrial radio revenues rose by $14 million, and satellite radio revenues rose by $8 million from the prior year. ASCAP anticipates continued growth from satellite radio as a result of a new five-year agreement with XM Satellite Radio that derives revenues from both advertising and subscriber fees.

The story also notes that ASCAP recently signed a new licensing deal with ABC, meaning that the entire Tuesday-night 8-to-10 p.m. programming block will now consist entirely of Patrick Dempsey staring across the water, all scored to a two-hour remix of the Fray’s “How To Save A Life.”

ASCAP reports record revenues of $785 mil [Billboard.viz via The Hollywood Reporter]