As Song-Catalog Sales Boom, BMI Hires Outside Advisors to Help ‘Further Grow the Value’ of Its Music and Business

variety.com:

Jem Aswad Senior Music EditorAnyone paying even casual attention to the music industry must have noticed the skyrocketing value of song catalogs, which have exploded at such a rate that we’re seeing an average of two or three nine-figure deals per month, with Sting, Neil Diamond and David Bowie’s estate making multi-hundred-million-dollar sales in just the past two months.Thus, it was just a matter of time before performing rights organizations — an often-overlooked multi-billion dollar business that collects royalties when songs are played everywhere from bars and restaurants to stadiums — got into the game, and BMI, which along with ASCAP is the biggest PRO in the U.S., has enlisted unnamed advisors to assist in exploring opportunities for its members and its business, according to an internal letter obtained by Variety.

In the letter, BMI president-CEO Mike O’Neill sets the scene described above and writes, “It’s important that we evaluate what this could mean for BMI, both now and into the future.

In order to do that, we have hired outside advisors to help us explore strategic opportunities that could further grow the value of our affiliates’ music and our business.”What those opportunities might be is unclear, and is the objective of the search, he says. “Growth for our songwriters, composers and publishers has always been our top priority, and we’re excited to explore ways to continue that momentum.

While it’s too early to speculate on what might happen, we’re looking at all our options as long as they advance this mission.” His letter appears in full below.Performing rights are one of many income streams that can be on the table in song-catalog deals, but clearly BMI is considering any and all feasible options —.