BMI WINS MASSIVE VICTORY FOR SONGWRITERS, COMPOSERS & PUBLISHERS FOR LIVE CONCERT RATES

NEW YORK, March 28, 2023 /PRNewswire/ -- In a decision that ends decades of below-market rates for songwriters, composers and publishers in the live concert industry, the Honorable Louis L. Stanton of the Southern District of New York today issued a decision in favor of BMI in its rate court dispute with Live Nation, AEG and the North American Concert Promoters Association (NACPA). As a result, BMI affiliates will receive a rate that is 138% higher than the historical rate. And just as important, Judge Stanton ruled that this new rate will be applied to an expanded revenue base, taking into account the way modern promoters monetize concerts. This includes tickets sold directly onto the secondary market, servicing fees received by the promoters and revenues from box suites and VIP packages.

Mike O'Neill, BMI's President & CEO, stated:

"This is a massive victory for BMI and the songwriters, composers and publishers we represent. It will have a significant and long-term positive impact on the royalties they receive for the live concert category. We are gratified the Court agreed with BMI's position that the music created by songwriters and composers is the backbone of the live concert industry and should be valued accordingly. Today's decision also underscores BMI's continued mission to fight on behalf of our affiliates, no matter how long it takes, to ensure they receive fair value for their creative work.

While we're thrilled with this outcome, we find it incredibly disappointing that it took millions of dollars and years of litigation to get Live Nation, AEG and NACPA to finally pay songwriters, composers and publishers what they deserve."

ABOUT BMI:

Celebrating over 80 years of service to songwriters, composers, music publishers and businesses, Broadcast Music, Inc.® (BMI®) is a global leader in music rights management, serving as an advocate for the value of music. BMI represents the public performance rights in over 20.6 million musical works created and owned by more than 1.3 million songwriters, composers, and music publishers. The Company negotiates music license agreements and distributes the fees it generates as royalties to its affiliated writers and publishers when their songs are performed in public. In 1939, BMI created a groundbreaking open-door policy, becoming the only performing rights organization to welcome and represent the creators of blues, jazz, country, and American roots music. Today, the musical compositions in BMI's repertoire, from chart toppers to perennial favorites, span all genres of music and are consistently among the most-performed hits of the year. For additional information and the latest BMI news, visit bmi.com, follow us on Twitter and Instagram @BMI, or stay connected through Broadcast Music, Inc.'s Facebook page. Sign up for BMI's The Weekly™ and receive our e-newsletter every week to stay up to date on all things music.

SOURCE Broadcast Music, Inc.