{"id":5801,"date":"2025-02-28T03:29:55","date_gmt":"2025-02-28T03:29:55","guid":{"rendered":"https:\/\/site.itshrt.com\/hiphopmagizine\/ascap-posts-record-breaking-1-835-billion-in-revenue-for-2024\/"},"modified":"2025-02-28T03:29:55","modified_gmt":"2025-02-28T03:29:55","slug":"ascap-posts-record-breaking-1-835-billion-in-revenue-for-2024","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/hiphopmagizine\/ascap-posts-record-breaking-1-835-billion-in-revenue-for-2024\/","title":{"rendered":"ASCAP Posts Record-Breaking $1.835 Billion in Revenue for 2024."},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt Hip Hop Magizine News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"9431463036\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p><span style=\"color: #000000;\">ASCAP, the only US PRO founded and governed by songwriters, composers and music publishers, and the only one that operates on a not-for-profit basis, announced today that it delivered another year of record-breaking revenues and royalty distributions in 2024 to its music creator members. ASCAP delivered $1.835 billion in revenue in the 2024 calendar year, an increase of $98 million, or 5.7% over 2023 with $1.696 billion available for royalty distributions, up by $104 million, or 6.5%.<\/span><\/p>\n<p><span style=\"color: #000000;\"><strong>This is the highest amount in revenue and royalty distributions to creators and music publishers historically reported by ASCAP, fueled by revenue growth and the lowest overall cost allocation overhead rate in the US at 10%.<\/strong> ASCAP delivers 90 cents of every dollar collected back to its members as royalties and does not charge a commission or take a profit. Instead, according to its unique governance and operating principles, it must deduct expenses and then distribute remaining dollars as royalties to its members.<\/span><\/p>\n<p><span style=\"color: #000000;\">ASCAP increased the value and monetization of its members\u2019 music with domestic revenue from US-licensed performances totaling $1.397 billion, an increase of 5.3%, or $71 million, year over year. Revenues from streaming audio, audio-visual and general licensing drove the increase. The strength in domestic revenue led to 5.5% growth in funds available for domestic distributions, which totaled $1.284 billion. Of that total, $53 million was distributed through Songwize, ASCAP\u2019s royalty administration service provided to ASCAP members who directly license their works.<\/span><\/p>\n<p><span style=\"color: #000000;\">Collections for foreign revenue also increased to a total of $438 million, up by $28 million, or 6.8% with $411 million available for royalty distribution, a 9.8% increase of $37 million.<\/span><\/p>\n<p><span style=\"color: #000000;\">In the 10th year of its strategic growth plan, ASCAP has generated a compound annual growth rate (CAGR) for total revenue of 7%; and for total distributions, a CAGR of 8%.<\/span><\/p>\n<p>\u00a0<\/p>\n<p><span style=\"color: #000000;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-51265\" alt=\"\" width=\"700\" height=\"365\" srcset=\"https:\/\/rapindustry.com\/wp-content\/uploads\/2025\/02\/ASC_TR.jpg 700w, https:\/\/rapindustry.com\/wp-content\/uploads\/2025\/02\/ASC_TR-300x156.jpg 300w, https:\/\/rapindustry.com\/wp-content\/uploads\/2025\/02\/ASC_TR-280x146.jpg 280w, https:\/\/rapindustry.com\/wp-content\/uploads\/2025\/02\/ASC_TR-600x313.jpg 600w\" data-lazy-sizes=\"(max-width: 700px) 100vw, 700px\" src=\"https:\/\/rapindustry.com\/wp-content\/uploads\/2025\/02\/ASC_TR.jpg\"\/><img decoding=\"async\" class=\"aligncenter size-full wp-image-51265\" src=\"https:\/\/rapindustry.com\/wp-content\/uploads\/2025\/02\/ASC_TR.jpg\" alt=\"\" width=\"700\" height=\"365\" srcset=\"https:\/\/rapindustry.com\/wp-content\/uploads\/2025\/02\/ASC_TR.jpg 700w, https:\/\/rapindustry.com\/wp-content\/uploads\/2025\/02\/ASC_TR-300x156.jpg 300w, https:\/\/rapindustry.com\/wp-content\/uploads\/2025\/02\/ASC_TR-280x146.jpg 280w, https:\/\/rapindustry.com\/wp-content\/uploads\/2025\/02\/ASC_TR-600x313.jpg 600w\" sizes=\"(max-width: 700px) 100vw, 700px\"\/><\/span><\/p>\n<p><span style=\"color: #000000;\">While every other US PRO is now private equity-owned, ASCAP is the only one that does not owe payouts to private investors or shareholders, making writer and publisher members the sole beneficiaries of ASCAP\u2019s growth.<\/span><\/p>\n<p><span style=\"color: #000000;\">\u201cFor songwriters, composers and publishers, ASCAP provides the best return on their performance royalties because they get 90 cents of every dollar we collect. It\u2019s that simple. We are the only US PRO that does not take a profit and the only one that can credibly say we put creators first in everything we do,\u201d said ASCAP CEO Elizabeth Matthews.<\/span><\/p>\n<p><span style=\"color: #000000;\">\u201cASCAP is committed to innovating, growing and evolving in ways that benefit our members, because music creators drive every decision we make. Protecting the livelihoods of songwriters and composers and defending the value of music is a mission we take seriously. For us, this is more than just business \u2013 it\u2019s personal, and that\u2019s what sets ASCAP apart from any other PRO,\u201d said ASCAP Chairman of the Board and President Paul Williams.<\/span><\/p>\n<p><span style=\"color: #000000;\">ASCAP represents and aggregates over 20 million copyrights in cost-effective, efficient blanket licenses which include iconic music from Beyonc\u00e9, Billy Joel, Cardi B, Chappell Roan, Charli XCX, Chris Stapleton, Dua Lipa, Garth Brooks, Jay-Z, Jimi Hendrix, Joni Mitchell, Katy Perry, Lil Baby, Lin-Manuel Miranda, Marc Anthony, Mariah Carey, Neil Young, Olivia Rodrigo, Paul McCartney, Stevie Wonder and Usher among many others.<\/span><\/p>\n<p><span style=\"color: #000000;\">Top music creators switched to ASCAP in 2024 as membership soared past the one million mark. New members include country music trailblazer Kacey Musgraves, hard rock legends Def Leppard, global pop star Tate McRae, acclaimed film\/TV composer Cliff Martinez, rising rap phenom Sexyy Redd, superstar songwriter Justin Tranter, rock icon Jack White of The White Stripes, Dear Evan Hansen star Ben Platt and folk-rock royalty Graham Nash.<\/span><\/p>\n<p><strong><span style=\"color: #000000;\">2024: A Record-Breaking Year in Review<\/span><\/strong><\/p>\n<p><span style=\"color: #000000;\">As the US Copyright Office developed recommendations on legal and policy issues related to copyright and AI, ASCAP\u2019s submitted comments were at the forefront of sources consulted for a report issued in early 2025. The final USCO report affirmed ASCAP\u2019s core AI principle of \u201chuman creators first,\u201d and cites several ASCAP comments within the text.<\/span><\/p>\n<p><span style=\"color: #000000;\">ASCAP represents a community of music creator members, from those just starting out to those at the peak of their careers. In 2024 it hosted events throughout the year to bring its community together, including celebrations of top members in each genre, its annual Membership Meeting, song camps, showcases and workshops. Recently, ASCAP moved quickly to launch a one-million-dollar emergency relief fund to assist Los Angeles-based ASCAP songwriters and composers who were affected by the LA wildfires.<\/span><\/p>\n<p><span style=\"color: #000000;\">With a fully cloud-based infrastructure since 2022, ASCAP continues to be a leader in innovation and data technology. In a new strategic alliance announced with SACEM (Soci\u00e9t\u00e9 des Auteurs, Compositeurs et Editeurs de Musique), the two societies are leveraging their investments in state-of-the-art data infrastructure and human expertise to benefit their music creator and publisher members.<\/span><\/p>\n<p><span style=\"color: #000000;\">Also in 2024, the ASCAP Lab, the organization\u2019s innovation initiative, hosted its fifth ASCAP Lab Challenge. The AI and the Business of Music Challenge saw the team working directly with some of the most promising music tech entrepreneurs and early-stage startups in an effort to shape how AI tools can benefit music creators. S: ASCAP<\/span><\/p>\n<p><!-- CONTENT END 1 -->\n\t\t\t\t\t\t\t\t\t<\/div>\n<script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt Hip Hop Magizine News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"9431463036\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\n","protected":false},"excerpt":{"rendered":"<p>ASCAP, the only US PRO founded and governed by songwriters, composers and music publishers, and the only one that operates<\/p>\n","protected":false},"author":1,"featured_media":5802,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[58,39],"class_list":["post-5801","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-behind-the-scenes","tag-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ASCAP Posts Record-Breaking $1.835 Billion in Revenue for 2024. - Hip Hop News<\/title>\n<meta name=\"description\" content=\"&quot;For us, this is more than just business \u2013 it\u2019s personal, and that\u2019s what sets ASCAP apart from any other PRO,\u201d\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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