ASCAP, the only performing rights organization in the U.S. to operate on a not-for-profit basis, delivered a record-breaking $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%.
The numbers mark the highest amount in revenue and royalty distributions to creators and music publishers in ASCAP’s history, powered by revenue growth and the lowest overall cost allocation overhead rate in the U.S. at 10%, according to the announcement.
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 governance and operating principles, it is required to deduct expenses and then distribute remaining dollars as royalties to its members. While every other U.S. performing rights organization 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’s growth.
The organization’s top signings and renewals for the year included Tate McRae, Katy Perry, Timbaland, Kacey Musgraves, Jack White, Sexyy Red, Max Martin, Justin Tranter, Neil Young, Def Leppard, Hans Zimmer, and the estates of Tom Petty and Jimi Hendrix.
According to the announcement, ASCAP increased the value and monetization of its members’ music with domestic revenue from U.S.-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’s royalty administration service provided to ASCAP members who directly license their works.
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.
“For songwriters, composers and publishers, ASCAP provides the best return on their performance royalties because they get 90 cents of every dollar we collect. It’s 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,” said ASCAP CEO Elizabeth Matthews.
“ASCAP 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 – it’s personal, and that’s what sets ASCAP apart from any other PRO,” said ASCAP Chairman of the Board and President Paul Williams.
ASCAP represents and aggregates over 20 million copyrights in blanket licenses that include music recorded by Beyoncé, 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.
