The American Society of Composers, Authors, and Publishers (ASCAP) has announced its record-breaking financial results for 2023. With a revenue of $1.737 billion and $1.592 billion available for royalty distributions to its members, ASCAP has achieved the highest revenue and royalty distributions among all U.S. PROs (performance rights organizations).
Welcoming Prominent New Members
ASCAP has also welcomed several prominent new members to its ranks. Some notable additions include Jack Antonoff, known for his collaborations with Taylor Swift and Lana Del Rey, PinkPantheress, Tyla, and Jared Leto and Shannon Leto from 30 Seconds to Mars.
ASCAP’s Not-for-Profit Model
Unlike other public performance rights organizations in the U.S., ASCAP remains the only organization operating on a not-for-profit basis. With BMI’s recent transition to a for-profit model, ASCAP stands out by not charging a commission, taking a profit, or deducting expenses. It distributes all remaining funds after a reasonable reserve as royalty distributions to its members.
Impressive Revenue Growth
ASCAP’s revenues for 2023 represent an increase of $215 million or 14.1% compared to the previous year. The organization attributes this growth to the increased value and monetization of its members’ music. Domestic revenue from U.S.-licensed performances exceeded $1.327 billion, a remarkable increase of $149 million or 12.6% from the previous year. Additionally, audio streaming revenue rose by 21%, general licensing revenue by 23%, radio revenue by 10%, and audio-visual revenue by 3% compared to 2022.
Global Success
ASCAP is proud to report that its members’ work has achieved global recognition. Total foreign revenues for performances of ASCAP members’ work outside the U.S. reached $410 million, a significant increase of $66 million or 19.3% from the previous year. ASCAP represents over 19 million copyrights, including music from world-renowned artists such as 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, and Usher.
A Commitment to Creators
ASCAP’s Chief Executive Officer, Elizabeth Matthews, reaffirms the organization’s dedication to its members. ASCAP prioritizes industry-leading technical innovation, legislative advocacy, and revenue growth that exclusively benefits its members. ASCAP differentiates itself by championing songwriters, composers, and publishers, ensuring they receive fair compensation for their creative endeavors.
ASCAP’s Chairman of the Board and President, Paul Williams, emphasizes the importance of ASCAP’s mission and not-for-profit business model. In a rapidly evolving music landscape influenced by artificial intelligence, ASCAP continues to advocate for creators’ protection in legislative matters. ASCAP remains committed to supporting songwriters and composers, enabling them to pursue their craft, earn a living, and support their families.
ASCAP’s Chief Executive Officer, Elizabeth Matthews, will share this exciting news and provide further details during the 2024 ASCAP Membership Meeting in New York City. This event will be attended by an audience of ASCAP members.
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