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ASCAP Action
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| ASCAP CEO John LoFrumento announces record financial results |
Before a packed ballroom of members at the Hollywood Renaissance Hotel on April 20, ASCAP CEO John LoFrumento announced that revenues for 2005 exceeded $750 million – an increase of more than $40 million over the prior year – while royalty payments to members topped $646 million. The royalty distribution was a record for any PRO globally. The announcement was made at ASCAP’s 2006 Membership Meeting, which officially kicked-off the ASCAP “I Create Music” EXPO, the first national conference dedicated to songwriting and composing. The meeting was also webcast live so that all members, regardless of their location, could participate.
LoFrumento attributed ASCAP’s growth to its ability to quickly and nimbly adapt to a changing music marketplace with a combination of innovative business strategies and tight cost controls. He noted, “At a time when the music industry is in a state of rapid change and many view technology as a challenge to copyright and music creators, we are using sophisticated technology along with other innovative business strategies to grow our participation in the music marketplace and to secure the value our members deserve for their creative efforts."
ASCAP President and Chairman welcomed members and moderated a special legislative panel about the public policy issues that impact the rights of songwriters and composers. The panel featured members of Congress: Rep. Howard Berman (D-CA), Rep Adam B. Schiff (D-CA) and Under Secretary of Commerce for Intellectual Property and director of the U.S. Patent and Trademark Office, Jon W. Dudas.
ASCAP Executive VP/Membership Group reported on ASCAP members’ outstanding performance on the 2004 Billboard charts and in major music awards and nominations.
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