BMI had record revenue of $1.31 billion, despite lockdown

Music rights management company BMI generated a record $1.311 billion in revenue, a $28 million increase over the previous fiscal year (ended June 30). BMI distributed and administered also a record $1.233 billion to its affiliated songwriters, composers and publishers, 3% or $37 million more than last year, Variety reports. BMI estimates it absorbed a $60 million negative impact to its revenues due to the COVID-9 effect.