ASCAP Surmounts Pandemic Challenges to Collect $1.327 Billion in Revenue in 2020OFFICIAL PRESS RELEASENEWS PROVIDED BY ASCAP NEW YORK, March 9, 2021 - ASCAP, the American Society of Composers, Authors and Publishers, overcame the unprecedented headwinds of 2020 to continue its record-breaking revenue streak, collecting more than $1.327 billion in revenues, a $53 million increase over 2019. 2020 marked the sixth year of ASCAP's strategic plan to transform its business and grow revenues. During the execution of the strategic plan from 2015 through 2020, ASCAP exceeded performance goals and drove ASCAP revenues to a 6% compound annual growth rate and ASCAP distributions to a 7% compound annual growth rate. 2020 domestic and foreign revenues both saw significant increases. As compared to 2019, foreign revenue rose by 9% to $358 million. Domestic revenue for 2020 was up by 2.5% at $969 million, an increase of $24 million from 2019. The growth of domestic revenue was driven in part by gains of 28% in audio streaming revenue and 8% in audio/visual, matching shifting music consumption trends during the pandemic. ASCAP's strategy to mitigate the impact of COVID-19 helped to offset uncontrollable declines in other sectors, including a 30% decline in revenues from businesses that were shut down or at reduced capacity during the last three quarters of 2020, such as live concerts and events, music venues, bars, clubs, restaurants, retail stores, hotels and more. During a time period in which the global pandemic directly affected revenues for many companies that license music, ASCAP grew royalties for its songwriter, composer and publisher members by $29 million, or 2.5%, for a total of $1.213 billion available for distributions. Domestic distributions from ASCAP-licensed and administered performances hit $891 million, an increase of $22 million, and foreign distributions totaled $322 million. ASCAP operates on a not-for-profit basis and distributes all revenues collected, less operating expenses. "2020 challenged all of us unlike any other year in modern history. It also defined ASCAP's dedication to our members," said ASCAP Chief Executive Officer Elizabeth Matthews. "That meant strengthening our commitment to our mission to serve our songwriters, composers and music publishers by taking every step necessary to secure their livelihoods and careers. Inspired by our members each and every day, the ASCAP team proved that innovation, efficiency and progress really can be escalated in a crisis." "I am so impressed by ASCAP and its extraordinary efforts in 2020," said ASCAP Chairman of the Board and President Paul Williams. "The team worked extremely hard and under incredibly difficult circumstances to make up for revenues lost due to the pandemic and to deliver the financial security and support that music creators need to survive the crisis of our lifetime. Their work will have an impact for years to come and as an ASCAP member, I am deeply grateful. Together, we have met the demands of this challenging time period and we look to 2021 with greater hope and strength as a community." The ASCAP team met and transcended the demands of 2020, shining a brighter spotlight on its members and providing them with more resources to help weather the challenges of the time:
The ASCAP 2020 Annual Report can be viewed at http://
Source ASCAP
March 9, 2021 9:00pm ET by Pressparty |