Songwriters and music publishers had plenty to celebrate in 2024, as ASCAP—the only U.S. performance rights organization (PRO) operating on a not-for-profit basis—distributed a record-breaking U$1.696 billion in royalties. This marks a 6.5% year-over-year increase, further solidifying ASCAP’s commitment to prioritizing music creators. At the same time, the organization saw its membership surge past the one-million mark, welcoming artists from various genres, including country star Kacey Musgraves, rock icon Jack White, and rapper Sexyy Redd.
With total revenue climbing to U$1.835 billion, up 5.7% from the previous year, ASCAP attributed this growth to increased income from U.S.-licensed performances, which generated U$1.397 billion, and foreign revenue collections, which totalled U$438 million. The organization’s ability to maintain an industry-leading cost allocation overhead rate of just 10% has played a significant role in maximizing payouts to its members. “For songwriters, composers, and publishers, ASCAP provides the best return on their performance royalties because they get 90 cents of every dollar we collect,” said ASCAP CEO Elizabeth Matthews.
ASCAP’s position as the only U.S. PRO not influenced by private equity has become a key differentiator, especially as competitors like BMI have shifted to a for-profit model. In contrast to BMI, which reduced its royalty distributions to 85% of revenue after being acquired by private equity firm New Mountain Capital, ASCAP emphasizes that it operates solely for the benefit of its songwriter and publisher members. “Protecting the livelihoods of songwriters and composers and defending the value of music is a mission we take seriously,” said ASCAP Chairman Paul Williams.
As ASCAP celebrates its financial growth and expanding membership, the industry is also facing heightened scrutiny. The U.S. Copyright Office is preparing an inquiry into the increasing number of PROs and their royalty distribution practices, following complaints from businesses that claim some newer PROs are charging beyond established blanket licenses. ASCAP has launched a campaign urging its members to voice their concerns, aligning with BMI’s recent call for artists to submit feedback.
With an impressive 10-year compound annual growth rate of 7% for revenue and 8% for payouts, ASCAP continues to strengthen its position as a powerhouse in the music rights industry. As the landscape shifts and regulatory discussions unfold, ASCAP remains firm in its message: putting creators first isn’t just a slogan—it’s the foundation of its business model.
