MBW’s Stat Of The Week is a series in which we highlight a data point that deserves the attention of the global music industry. Stat Of the Week is supported by music data analytics firm Chartmetric.
US performance rights organization ASCAP has reported its revenue and royalty payout numbers for 2024, with both numbers hitting all-time highs.
Revenue came in at $1.835 billion for calendar 2024, up 5.7% year over year. Of that, ASCAP distributed $1.696 billion to artists, songwriters, and music publishers, an increase of 6.5% YoY.
In a statement issued on Thursday (February 27), ASCAP said the record-breaking numbers were “fueled by revenue growth and the lowest overall cost allocation overhead rate in the US at 10%.”
US-licensed performances brought in $1.397 billion in revenue, up 5.3% YoY, with revenues from streaming audio, audio-visual and general licensing driving the growth. Of that, ASCAP paid out $1.284 billion to rights holders, up 5.5% YoY.
Foreign revenue collections came in at $438 million, up 6.8% YoY, of which $411 million was paid out to rightsholders, up 9.8% YoY.
Over the past 10 years, ASCAP has seen a compound annual growth rate of 7% for revenue and 8% for distributions, indicating a long-term trend towards paying out a larger share of revenue to rightsholders.
ASCAP also reported that its membership “soared past the 1 million mark” in 2024 as it attracted a slew of new members. Among them are country star Kacey Musgraves, eighties rockers Def Leppard, pop star Tate McRae, film/TV composer Cliff Martinez, rapper Sexyy Redd, songwriter Justin Tranter, rock icon Jack White of The White Stripes, Dear Evan Hansen star Ben Platt and folk rocker Graham Nash.
