The investment firm New Mountain Capital is taking over the performance rights manager Broadcast Music Incorporated (BMI). New Mountain will support BMI in the areas of technology and platform business, among other things.
“Today marks the beginning of an exciting new chapter for BMI that puts us in the best possible position to continue to stay ahead of the changing industry and ensure the long-term success of our music creators,” said Mike O’Neill, President and CEO of BMI .
“We are excited about the many possibilities. “New Mountain will accelerate our growth because it brings new vision, technological expertise and an outstanding track record of strengthening businesses,” continued O’Neill, who will continue to work for BMI.
The purpose of the BMI is to ensure that members receive royalties for every public performance of their songs. It thus acts as an intermediary between the music producers and the (public) users of protected pieces of music. The copyright holders are thereby freed from the laborious individual exercise of their rights.
The BMI was founded in 1939 by various radio stations as a license administrator to break the monopoly of the American Society of Composers, Authors and Publishers (ASCAP). The BMI also accepted members from musical genres neglected by the ASCAP – country, for example, or R’n’B. The result was a democratization of the US music world. At the same time, the radio stations freed themselves from the dependence of the monopolist.
In 2022, the BMI made 1.573 billion US dollars in sales, 1.471 of which it paid out to the artists as royalties. The BMI catalog includes 1.4 million music authors and 22.4 million songs.
2023-11-27 16:51:38
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